Clancy Exploration Announced Hong Kong Project JV With Pacton Gold Inc

Clancy Exploration Limited

Clancy Exploration Limited (ASX: CLY) is engaged in the mineral exploration. The company is engaged in developing of gold, copper and other metals in New South Wales. The stated Gold Project is located in the Western Australia. The project contains more than five kilometers of lower Fortescue rocks, as investigated by the GSWA.

The Company has through a release said that post its ASX announcement of 26th November 2018, the TSX venture has accepted for the filing of tenement sale and purchase agreement between the company and the Pacton gold Inc. As per the said pact, the Pacton Gold Inc will acquire a 70% equity interest in the Hong Kong project. 

This project comprises of a single granted exploration license that would cover 40.15 Km square which directly joins with the Pacton Gold’s Friendly Creek and Golden Palms project.

The completion of this final condition i.e. acceptance of the agreement by the TSX venture exchange has led to the fulfillment of the necessary condition which was a prerequisite for the purpose of the agreement to come into the effect.

Hence now the Pacton Gold’s acquisition of 70% acquisition of the equity interest in the Hong Kong project can be deemed to be proceeding toward the completion stage. As per the terms of the stated agreement, the Pacton Gold Inc will pay the company the valued consideration in the form of cash as well as stocks. Hence, Pacton will pay a sum of CDN $ 1,75,000 in the form of cash and hence for the rest of the consideration, it will issue the 3,780,613 shares.

For the financial year ended 30 June 2018, the net consolidated loss from the continuing operations after the tax came in at $1,276,041 as compared to the losses of $99,871 which were reported for the previous corresponding period. Also, for the year ended 30 June 2018, the total expenses amounted to $1,771,681 vis-à-vis the $1,019,355 in the previous corresponding period. Moreover, the unrestricted cash & cash equivalents came in at $470,269 as at 30 June 2018 while the same stood at $ 1,463,081 in FY17.

The Company announced on 14 August 2018 that it had received firm commitments to raise $750,000 (before costs) via a placement (Placement) of 250,000,000 ordinary shares at an issue price of $0.003 each (Placement Shares). The Placement was made to both new and existing domestic and international institutional and sophisticated investors, and the Company is pleased to welcome new investors to its register.

Meanwhile, the share price of the company has fallen by 60 percent in the past six months as on 6 December 2018. CLY’s shares traded at $0.002 with a market capitalization of circa $7.01 Million as on 7 December 2018 (AEST 04:00 PM).


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