The company (TSXV: PAC) finished down 2.9% Thursday at 16c, capitalising it at nearly C$25 million. Its shares are down from 35c at the start of 2019.

"Pacton has a very strong portfolio of gold projects in Canada and Western Australia and has a comprehensive exploration program underway," Pacton executive chairman Dale Ginn said.

"We are particularly excited about the prospects for our Red Lake gold project and Pilbara gold projects and we look forward to sharing results as they come in."

Pacton recently announced it had entered into a "strategic partnership" with exploration technology company GoldSpot Discoveries "to advance its Red Lake property" after mobilising a field crew for mapping and sampling at historic high-grade gold occurrences around Carricona and Boyden in May.

Gross proceeds of FTC financings have to be deployed in Canada under the country's rules on flow-through mining expenditures.