Pancon Closes Sale of its Crossland JV Interest to Essential Mining Resources
TORONTO, ONTARIO--(Marketwired - Nov. 26, 2015) -
NOT FOR DISSEMINATION INTO THE USA
Pancontinental Uranium Corp. (TSX VENTURE:PUC) ("Pancon" or the "Company") reports that further to its October 7, 2015 news release, the sale of the Company's entire interest (43.72%) in the Joint Venture with Crossland Strategic Metals Ltd. ("Crossland"), of Australia, to Essential Mining Resources PTY Ltd. ("EMR") has been closed. To facilitate closing, the Company's shareholders approved the reduction in the purchase price on November 23, 2015. The Joint Venture is comprised of the extensive Charley Creek rare earth (REE) project and a number of prospective uranium and REE properties in the Northern Territory of Australia. The Company's interest in the Joint Venture was held in its wholly owned subsidiary, Panconoz Pty. Ltd.
EMR is a private Australian-based company which is 100%-owned by EMMCO Mining Sdn Bhd ("EMMCO"), a private Malaysian company beneficially held by a consortium of South East Asian investors.
For its interest, Pancon received cash of AUD $1,300,000, of which the final payment of AUD $850,000 was received on closing, and retained a one percent (1%) gross overriding royalty (GOR) on sales of all production from 100% of the property. Pancon has received conditional TSX Venture (TSXV) approval for the transaction with final TSXV approval pending.
Pancon CEO and President, Rick Mark states: "We would like to thank our shareholders for their support in ratifying the deal to sell our interest in the Joint Venture with Crossland. We are hopeful that EMR will move aggressively to put the Charley Creek project into production, thus beginning the benefit of the 1% GOR on sales of all production. The Board will now set upon the task of finding a strong, financeable business opportunity with a view of enhancing shareholder value.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corp. is a Canadian-based company that was focused on rare earth elements (REE) and uranium discovery and development in Australia.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.
