Pan Global Resources Inc. expands non-brokered private placement on the Toronto Stock Exchange from 3 to 7 million Canadian euros (from 2 to 4.7 million euros) to finance its drilling projects in the Pyrite Belt Andalusian. The company explained that the expansion occurs “due to strong institutional demand, especially from European resource funds.”
“In addition to a main order of un strategic partner in SpainPan Global has received a additional commitment from a leading fund of European resources for a significant part of the financing. “The exceptional support from key investors, both existing and new, puts us in a stronger position to advance the Company’s exploration in Spain, and in particular the highly prospective Bravo target,” he said. Tim Moodypresident and CEO of Pan Global.
First level region
“Pan Global’s mining rights in southern Spain are ideally located in a premier copper mining regionwhere the number of active mines and projects in development continues to grow,” adds Moody. In this area the company has invested more than 20 million in research mining. And now it is looking for financing to continue drilling.
The main objective of this placement is to investigate the vein identified as Bravo, which Pan Global considers “highly prospective” and which is characterized by “a large gravitational anomaly“with enormous possibilities of there being “a massive mineralization of volcanic sulfide (VMS) hidden under a surface cover.
In the same area Pan Global has already made discoveries of copper-tin-silver in The Roman and copper-gold in Glen Honda.
Bravo is one kilometer east of La Romana and 4.5 kilometers from the old mine. Aznalcóllarwhere Minera Los Frailes-Grupo México is in the last administrative phase to open a new underground mine. The historic mine Riotintooperated open pit by Atalaya, is also nearby.
The placement
The Company announced on October 15, 2024 that it had arranged a non-brokered private placement of up to 25,000,000 units of securities at a price of 0.12 Canadian dollars per unit, with total gross proceeds of up to 3 million (about two million euros). After the increase, Pan Global will issue up to 58,333,333 Units for a total gross product of up to 7 million (4.7 million euros), with an extension of the term of the warrants purchase of common shares for 12 months to 18 months. Each unit will be comprised of one (1) common share and one-half (1/2) non-transferable common share purchase warrant, with each full warrant entitling the holder to purchase one additional common share at a price of 0.16 dollars for a period of 18 months from the closing of the offer.
Completion of the placement is subject to approval by the Toronto Venture Exchange (TSX-V). Securities issued pursuant to this private placement will be subject to a four-month holding period in Canada and restrictions on resale in the US under US securities laws. Commissions may be paid to brokers for a portion of the Offering.
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