Proceeds to fund accelerated exploration at Escacena Project
VANCOUVER, BRITISH COLUMBIA – (November 25, 2019) – Pan Global Resources Inc. (“Pan Global” or the “Company“) (TSX-V: PGZ; OTC: PGNRF) 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 neighbouring 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
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 is committed to operating safely and with respect to the communities and environment where we operate.
Robert Baxter (FAusIMM), a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the Company.
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