Canada's Pancontinental Uranium settles debts with common shares

Pancontinental Uranium Corp., based in Ontario, Canada, said recently that it has reached a debt settlement with creditors.

Under the agreement, 856,000 common shares will be issued as payment, at 5 cents per share, to meet its financial obligations without giving up cash assets. This settlement is pending corporate and regulatory approvals.

The company is focused on the exploration and mining of uranium and other valuable geologic materials. It currently has projects in Australia that are a part of a joint venture that it shares with Crossland Strategic Metals Ltd. There are currently four projects in Australia in which the company is involved . The company owns 43.72 percent of the joint venture, while Crosslands holds the remaining 56.28 percent. Pancontinental’s website said it has invested approximately $8.4 million into the venture since 2007.

The company said all securities issued in relation to this settlement have a required four-month holding period starting from the date that the securities are issued.