Pan Global Increases Private Placement Financing to $7 Million Due to New Institutional Investor Orders
PAN GLOBAL INCREASES PRIVATE
PLACEMENT FINANCING TO $7 MILLION DUE
TO NEW INSTITUTIONAL INVESTOR ORDERS
/NOT FOR DISSEMINATION, RELEASE OR PUBLICATION IN OR INTO
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
European investors represent more than 80
percent of financing amount
Net proceeds to fund 2025 exploration program, including maiden drill program at the highly
prospective Bravo
target at the Escacena
Project, Southern
Spain
TSXV: PGZ | OTCQX: PGZFF | FRA: 2EU
VANCOUVER, BC
,
Oct. 18, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the
"Company") (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) announces today that due to strong
institutional demand, particularly from European resource funds, the previously announced non-
brokered private placement financing has been increased from
$3 million
to
$7 million
.
"In addition to a lead order from a strategic partner in
Spain
, Pan Global has received a further
commitment from a prominent European resource fund for a significant portion of the financing. The
exceptional support from key existing and new investors places us in a stronger position to advance
the Company's exploration in
Spain
and in particular at the highly prospective Bravo target," said
Tim
Moody
, Pan Global President and CEO. "Pan Global's mineral rights in southern
Spain
are ideally
located in a top-tier copper mining region, where the number of active mines and development
projects continue to grow."
The Company announced on
October 15, 2024
, that it had arranged a non-brokered private
placement financing of up to 25,000,000 units (the "
Units
") of securities at a price of
$0.12
per Unit
for aggregate gross proceeds of up to
$3 million
(the "
Offering
"). Following the upsizing, the
Company will now be issuing up to 58,333,333 Units for aggregate gross proceeds of up to
$7
million with the term of the common share purchase warrants extended from 12 months to 18
months. Each Unit will be 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
$0.16
for a period of 18 months from closing of
the Offering. All dollar
($) amounts in Canadian dollars.
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. Finders' fees may be payable
on a portion of the Offering.
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 the operating mine at
Riotinto and is immediately adjacent to the former Aznalcóllar and Los Frailes mines where Minera
Los Frailes/Grupo México is in the final permitting stage for construction of a new mine development.
The Escacena Project hosts Pan Global's La Romana copper-tin-silver and Cañada Honda copper-
gold discoveries and a number of other highly prospective targets, including the high priority Bravo
target. The Bravo target, characterized by a large gravity anomaly, is 1km east of La Romana and
4.5 km from the former Aznalcóllar mine.
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
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 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 18-OCT-24