Pan American Energy Announces Proposed Debt Settlement

Press Release

September 10, 2024

Calgary, Alberta — Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) (“Pan American” or the “Company”) announces that it intends to settle outstanding debt owed to Ocean Wall Limited (“OWL”) in an amount of C$30,000 through the issuance of 600,000 common shares of the Company (at a deemed price of C$0.05 per common share) to OWL. Any common shares issued to OWL as part of the debt settlement will be subject to a statutory four month and one day hold period in accordance with applicable Canadian securities laws. The debt settlement is subject to acceptance by the Canadian Securities Exchange, and is expected to close on or about September 17, 2024.

Nicky Grant, a director of the Company, is the Head of Corporate Advisory for OWL. As a result, the debt settlement may be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction is not more than 25% of the Company’s market capitalization. The debt settlement was unanimously approved by the independent directors of the Company (with Ms. Grant abstaining) and the negotiation of the debt settlement was undertaken by management of Pan American and OWL, without input or participation from Ms. Grant. In connection with the debt settlement, the Company and OWL entered into a debt settlement agreement on customary terms and conditions. The Company did not file a material change report in respect of the debt settlement at least 21 days before the closing of the debt settlement in order for the Company to conclude the debt settlement as soon as reasonably practicable.

About Pan American Energy Corp.

Pan American Energy Corp. (CSE: PNRG) (OTCQB: 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 has executed an option agreement in Canada with Magabra Resources pursuant to which it has acquired a 75% interest in the Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company can earn an additional 15% interest in Big Mack, for a total of 90% interest.

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On Behalf of the Board of Directors:

Jason Latkowcer
CEO and Director

Contact:

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

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