Pan American Energy Corp. announced a non-brokered private placement to issue up to 4,210,527 units of the company at a price of CAD 0.475 per unit for aggregate gross proceeds of up to CAD 2,000,000 on February 13, 2024. Each unit shall consist of one common share in the capital of the company and one share purchase warrant, with each warrant entitling the holder thereof to purchase a share at an exercise price of CAD 0.55 for a period of 24 months from the date of issuance.

Closing of the Private Placement is anticipated to occur on or about February 28, 2024. Closing is subject to the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.