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Pan American Closes Flow-Through Private Placement for Gross Proceeds of C$1.86M

Press Release

December 14, 2023

Calgary AB – Pan American Energy Corp.  (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS60) is pleased to announce that it has closed its previously announced non-brokered private placement of “flow-through” units of the Company (the “Offering”) for gross proceeds to the Company of C$1,860,000.

Pursuant to the Offering, the Company issued 3,720,000 units of the Company at a price of $0.50 per unit (each, a “Flow-Through Unit”), with each Flow-Through Unit comprised of one flow-through common share (each, a “Flow-Through Share”) and one non-flow-through common share purchase warrant of the Company entitling the holder to acquire one non-flow-through common share at a price of $0.65 until December 13, 2025. The Flow-Through Shares issued under the Offering are intended to qualify as “flow through shares” within the meaning of the Income Tax Act (Canada) (the “Tax Act”).

The gross proceeds raised from the Offering are expected to be used by the Company to incur eligible “Canadian exploration expenses” that are intended to qualify as “flow-through critical mineral mining expenditures”, as such terms are defined in the Tax Act, related to the Company’s Big Mack Lithium Project. All securities issued in connection with the closing of the Offering are subject to a statutory hold period, in accordance with applicable securities laws, expiring on April 14, 2024.

In connection with the Offering, the Company paid cash finder’s fees totalling C$130,200 and issued 260,400 finder’s warrants entitling the holder thereof to acquire one non-flow-through common share at an exercise price of C$0.65 until December 13, 2025.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS60) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.

The Company executed an option agreement in Canada with Magabra Resources, providing for the right to acquire up to a 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company has also entered a property option agreement with Horizon Lithium LLC providing for the right to acquire a 100% interest in the Horizon Lithium Project, located within Esmeralda County – Tonopah Lithium Belt, Nevada, USA.

To register for investor updates, please visit https://panam-energy.com.

On Behalf of the Board of Directors
Jason Latkowcer
CEO & Director

Contact
Phone : (587) 885-5970
Email: info@panam-energy.com

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