Pan Global Resources Inc. (“Pan Global” or the “Company”) (TSXV: PGZ) is pleased to announce that it has entered into an agreement to undertake a non-brokered private placement for aggregate gross proceeds of up to $2 million. The private placement will consist of up to 16,666,667 units at a price of $0.12 per unit (the “Units”). Each Unit will consist of one common share and one common share purchase warrant (each a “Warrant”). Each Whole Warrant will entitle the holder to purchase one additional common share of the Company for an exercise price of $0.17 per share for a period of 36 months from the date of issuance.
The proceeds of the private placement will be primarily used to fund engineering studies, permitting activities and other general corporate expenses. This will allow Pan Global the opportunity to build a production base in the West Mediterranean that would be capable of supporting mid-term objectives. Additionally, the proceeds will provide funding for ongoing exploration activities, such as diamond drilling programs.
The private placement is subject to certain conditions, including, but not limited to, the receipt of all applicable Regulatory Approvals, including the TSX Venture Exchange. All securities to be issued pursuant to the private placement will be subject to a four month plus one day “hold period” in accordance with applicable Canadian securities laws. Finder’s fees may be payable in connection with the private placement in accordance with applicable regulations. Closing of the private placement is expected to occur on or about November 17, 2020.
Pan Global is a Canadian exploration company focused on precious and base metal exploration and development. Pan Global is currently exploring its recently acquired ambitious Aphrodite Project located in the Kyrenia Mountain Range in Cyprus. The primary objective of this project is delineation of intercepts of high grade vein systems which can be modelled as an underground operation.
The Company looks forward to continuing to update shareholders as it progresses through its exploration and development activities.
