Pancontinental Resources Corp. Announces Effective Date of Name Change to Carolina Rush Corp. and Share Consolidation
Toronto, March 1, 2023 - Pancontinental Resources Corp. (TSXV: PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") announces that it has received approval from the TSX Venture Exchange (the "TSXV") to change the Company's name to "Carolina Rush Corporation" (the "Name Change") and to consolidate the Company's outstanding common shares on the basis of one new common share for every ten existing common shares (the "Consolidation"). The Company's new stock symbol on the TSXV will be "RUSH" and the Company expects its shares will commence trading under the new name and the new ticker symbol, on a post-Consolidated basis, market open on March 2, 2023.
As a result of the Consolidation, the 274,262,290 common shares (the "Common Shares") in the capital of the Company issued and outstanding prior to the Consolidation will be reduced to approximately 27,426,229 post-Consolidation Common Shares. Each shareholder's percentage ownership in the Company and proportionate voting power will remain unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional common shares. The exercise price of the Company's outstanding Common Share purchase warrants and the number of Common Shares issuable thereunder have been adjusted in accordance with the Consolidation.
Letters of transmittal with respect to the Name Change and Consolidation have been mailed out to the Company's registered shareholders. All registered shareholders will be required to send their share certificates, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, TSX Trust Company, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Name Change and Consolidation. A copy of the letter of transmittal will be posted on the Company's issuer profile on SEDAR at www.sedar.com.
About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF), is exploring the Carolina Terrane in the southeast U.S. Its flagship project is the past-producing Brewer Gold Mine, located in Chesterfield County, South Carolina, 17 kilometers along trend from the producing Haile Gold Mine. In January 2023, the Company acquired the historic Sawyer and New Sawyer gold mines, both located within the Sawyer Gold Trend in Randolph County, North Carolina.
For further information, please contact:
Jeanny So, Corporate Communications Manager
E: info@thecarolinarush.com
T: +1.647.202.0994
For additional information please visit our new website at http://www.thecarolinarush.com and our Twitter feed: @CarolinaRush.
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.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.