Pan Global Increases Private Placement Financing from $2 Million to $6 Million Due to Strong Demand
PAN GLOBAL INCREASES PRIVATE
PLACEMENT FINANCING FROM $2 MILLION
TO $6 MILLION DUE TO STRONG DEMAND
/NOT FOR DISSEMINATION, RELEASE OR PUBLICATION IN OR INTO
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
TSXV: PGZ | OTCQX: PGZFF
Proceeds to fund the 2024 exploration program and Maiden Resource for La Romana Copper-Tin
discovery in
Spain
VANCOUVER
, BC
,
Oct. 19, 2023
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) announces today that due to strong demand the
previously announced non-brokered private placement financing has been increased from
$2 million
to
$6 million
. (All dollar amounts in this media release refer to Canadian dollars.)
"The exceptional support from key existing and new investors places us in a strong position to
advance exploration and resource delineation at our flagship Escacena Project in
Southern Spain
.
The proceeds from this financing are expected to fund the 2024 exploration program at the multi-
target Escacena project and the La Romana Maiden Resource," said
Tim Moody
, Pan Global
President and CEO. "Drilling continues at La Romana to test the western extension of the near-
surface copper-tin mineralization, with additional drill results anticipated in the coming weeks."
The Company announced on
October 4, 2023
, that it had arranged a non-brokered private
placement financing of up to 10,000,000 units (the "
Units
") of securities at a price of
$0.20
per Unit
for aggregate gross proceeds of up to
$2 million
(the "
Offering
"). Following the upsizing, the
Company will now be issuing up to 30,000,000 Units for aggregate gross proceeds of up to
$6
million
. Each Unit will be comprised of one (1) common share and one (1) non-transferable common
share purchase warrant, with each whole warrant entitling the holder to purchase one additional
common share at a price of
$0.30
for a period of three (3) years from closing of the Offering,
subject to acceleration of the expiry date of the term. The Offering is expected to close on or about
October 31, 2023
and in all other respects, the terms of the Offering are as announced on
October
4, 2023
.
Completion of the Placement is subject to the approval of the TSX Venture Exchange. 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 the Escacena Project
The Escacena Project comprises a large, contiguous, 5,760-hectare land package controlled 100%
by Pan Global in the east of the Iberian Pyrite Belt. Escacena is located near operating mines at Las
Cruces and Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines
where Minera Los Frailes/Grupo Mexico is in the final permitting stage with construction anticipated
to start in 2024. The Escacena Project hosts the La Romana copper-tin-silver discovery and a
number of other prospective targets, including Cañada Honda, Bravo, Barbacena, El Pozo,
Romana
Norte
, San Pablo, Zarcita, Hornitos, La Jarosa, and
Romana Deep
.
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.
On behalf of the Board of Directors
www.panglobalresources.com
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 media 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. Important factors that could cause actual results to differ materially
from the Company's expectations include the ability to complete the private placement, receipt of
regulatory approvals and other risks and uncertainties disclosed in the Company's Management
Discussion and Analysis of its audited financial statements filed with the British Columbia Securities
Commission. Copies of the Company's Management Discussion and Analysis of its audited financial
statements may be obtained at no charge by visiting our Investors website at
www.panglobalresources.com
or at
www.sedar.com
.
The forward-looking information contained in this media release is based on information available to
the Company as of the date of this media 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:
Jason Mercier, VP Investor Relations and Communications,
[email protected], +1 778 372-7101; Andy Marshall, Chief Financial Officer,
[email protected], +1 778 309-4784
CO: Pan Global Resources Inc.
CNW 07:30e 19-OCT-23