News: CLY Pacton Gold To Acquire 70% Stake In Hong Kong Project From Clancy Exploration, page-3

Pacton Gold Signs Definitive Agreement on Hong Kong Project


Vancouver, British Columbia, November 23, 2018 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton” is pleased to announce that further to its news release of October 11, 2018, it has entered into a Tenement Sale and Purchase Agreement (the “Agreement” to acquire a 70% equity interest in the Hong Kong project (the “Hong Kong Project” from Clancy Exploration Ltd (“Clancy”, an Australian Securities Exchange Listed exploration company.

The Hong Kong Project consists of a single granted exploration license covering 40.15 km² and directly adjoins the Friendly Creek and Golden Palms projects held by Pacton.
Under the terms of the Agreement, the Company will pay CDN$175,000 and issue 3,780,613 common shares of the Company.

Upon completion of the acquisition, Pacton’s wholly-owned Australian subsidiary, Pacton Pilbara Pty Ltd (“Pacton Pilbara” and Clancy will enter into a joint venture, with Pacton Pilbara acting as operator of the Hong Kong Project. A minimum of CDN$500,000 must be spent by Pacton Pilbara within two years of completion of the transaction. Clancy will be free carried with respect to expenditures until a decision to mine is made unanimously by both parties.

A finder’s fee will be payable to Geonomics Australia Pty Ltd. in respect of the transaction as permitted by the policies of the TSX Venture Exchange.

This transaction is subject to the acceptance of the TSX Venture Exchange.

Source:
http://www.pactongold.com/news-and-...ns-definitive-agreement-on-hong-kong-project-