Pan American Energy to Settle Debt with Equity

Pan American Energy (TSE:PNRG) has released an update.

Pan American Energy Corp. is planning to address its C$30,000 debt to Ocean Wall Limited by issuing 600,000 common shares at a deemed price of C$0.05 each. The transaction, which is still pending approval from the Canadian Securities Exchange, will include a statutory hold period for the shares and is considered a ‘related party transaction’ due to the involvement of a company director.

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