Pan Global Closes Upsized $7.2 Million Private Placement
PAN GLOBAL CLOSES UPSIZED $7.2 MILLION
PRIVATE PLACEMENT
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TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
VANCOUVER, BC
,
Nov. 7, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased to announce the closing of the
non-brokered private placement launched on
October 15, 2024
, that was subsequently upsized due
to strong demand from existing shareholders, institutional resource funds, and a strategic Spanish
investor.
"I am delighted that the financing has met with such strong support from existing shareholders as
well as two new major investors: a strategic investment from a private Spanish partner and Konwave
AG, a prominent European resource fund. The Company is now well-funded to advance our vision to
define 100 million tonnes of copper mineralization at the flagship Escacena Project. Our immediate
focus is the maiden drill program at the highly prospective Bravo target at the Escacena Project and
continued expansion drilling at the La Romana discovery ahead of a maiden resource in 2025," said
Tim Moody
, Pan Global President and CEO.
"Escacena is a low-risk advanced copper exploration project in
Europe
hosting near-surface copper
mineralization with significant upside size potential, in a top-tier mining region of southern
Spain
close
to major operating mines and infrastructure."
The Company issued 60,419,328 Units (the "
Units
") for aggregate gross proceeds of
$7,250,319.36
. Each Unit is comprised of one (1) common share and one-half of one (1/2) non-
transferable common share purchase warrant, with each whole warrant entitling the holder to
purchase one additional common share at a price of
$0.16
for a period of 18 months from closing of
the Offering. In connection with the Private Placement, the Company paid a 6.0% cash finder's fee
on a portion of the Private Placement. All dollar ($) amounts in Canadian dollars.
The net proceeds of the private placement will be used to advance the Company's exploration
programs in
Spain
, as well as for general corporate and working capital purposes.
The securities issued pursuant to this private placement will be subject to a four-month hold period in
Canada
and will be subject to U.S. resale restrictions under U.S. securities laws.
The securities to be sold in the private placement have not been registered under the U.S. Securities
Act of 1933, as amended ("U.S. Securities Act"), or any state or other applicable jurisdiction's
securities laws, and may not be offered or sold in
the United States
absent registration or an
applicable exemption from the registration requirements of the U.S. Securities Act and applicable
state or other jurisdictions' securities laws. This media release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of
these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Pan Global Resources
Pan Global Resources Inc. is actively targeting copper-rich mineral deposits, given copper's
compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal
for global electrification and energy transition. The Company's flagship Escacena Project is located
in the prolific Iberian Pyrite Belt in southern
Spain
, where infrastructure, mining and professional
expertise, and support for copper as a Strategic Raw Material by the European Commission
collectively define a tier-one jurisdiction for mining investment. The Pan Global team comprises
proven talent in exploration, development, and mine operations - all of which are committed to
operating safely and with utmost respect for the environment and our partnered communities. The
Company is a member, and operates under the principles of, the United Nations Global Compact.
On behalf of the Board of Directors
Forward-looking statements
Statements which are not purely historical are forward-looking statements, including any statements
regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that
actual outcomes and the Company's actual results could differ materially from those in such forward-
looking statements. The Company believes that the expectations reflected in the forward-looking
information included in this news release are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking information should not be unduly
relied upon. Risks and uncertainties include, but are not limited to, economic, competitive,
governmental, environmental and technological factors that may affect the Company's operations,
markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's
Management Discussion and Analysis of its audited financial statements filed with the British
Columbia Securities Commission.
The forward-looking information contained in this news release is based on information available to
the Company as of the date of this news release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any obligation, to update this
forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE
Pan Global Resources Inc.
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For further information:
FOR MORE INFORMATION PLEASE CONTACT: Jason Mercier, VP
Investor Relations and Communications, [email protected] /
[email protected], Tel: +1-236-886-9518, Andy Marshall, Chief Financial Officer,
[email protected], +1 778 309-4784, www.panglobalresources.com
CO: Pan Global Resources Inc.
CNW 07:30e 07-NOV-24