Pan Global Announces Non-Brokered Private Placement Financing
Proceeds to fund accelerated exploration at Escacena Project
Vancouver, November 25, 2019 - Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) ("Pan Global" or the "Company") today announced it has arranged a non-brokered private placement financing of up to 8,333,333 units (the "Units") of securities at a price of $0.12 per Unit for aggregate gross proceeds of up to $1 million (the "Offering"). Each Unit will be comprised of one (1) common share and one (1) non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.24 for a period of two (2) years from closing of the Offering.
Tim Moody, Pan Global President and CEO, said: "We are pleased to have received commitments for substantially all of this placement and expect it to be fully subscribed."
Mr. Moody added: "The proceed from this placement will enable us to accelerate exploration at the prospective Escacena Project on Spain's Iberian Belt. Exploration targets include several large gravity anomalies, historical mine areas and extensions of the neighboring Aznalcollar - Los Frailes mine trend. Shallow high-grade copper mineralization was recently intersected at the La Romana target, including 20.55m at 1.5% Cu equivalent (PGZ news release dated October 23, 2019)."
Finders' fees may be payable on a portion of the Offering.
The net proceeds of the private placement will be used to advance the Company's exploration program at its Aguilas, Escacena and Al Andalus projects in Andalucia Province, in southern Spain, and will include further geophysics and drilling. A portion of the net proceeds will be reserved for working capital.
Completion of the private placement is subject to the approval of the TSX Venture Exchange.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain and is pursuing opportunities from exploration through to mine development. The company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
www.panglobalresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
info@panglobalresources.com
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. 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50027
