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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.