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TSXV: PGZ | OTCQX: PGZFF
Proceeds to fund the 2024 exploration program
and Maiden Resource for La Romana Copper-Tin discovery in
Spain
VANCOUVER, BC , Oct. 19,
2023 /CNW/ - Pan Global Resources Inc. ("Pan Global"
or the "Company") (TSXV: PGZ) (OTCQX: PGZFF) announces today that
due to strong demand the previously announced non-brokered private
placement financing has been increased from $2 million to $6
million. (All dollar amounts in this media release refer to
Canadian dollars.)
"The exceptional support from key existing and new investors
places us in a strong position to advance exploration and resource
delineation at our flagship Escacena Project in Southern Spain. The proceeds from this
financing are expected to fund the 2024 exploration program at the
multi-target Escacena project and the La Romana Maiden Resource,"
said Tim Moody, Pan Global President
and CEO. "Drilling continues at La Romana to test the western
extension of the near-surface copper-tin mineralization, with
additional drill results anticipated in the coming weeks."
The Company announced on October 4,
2023, that it had arranged a non-brokered private placement
financing of up to 10,000,000 units (the "Units") of
securities at a price of $0.20 per
Unit for aggregate gross proceeds of up to $2 million (the "Offering"). Following the
upsizing, the Company will now be issuing up to 30,000,000 Units
for aggregate gross proceeds of up to $6
million. Each Unit will be comprised of one (1) common share
and one (1) non-transferable common share purchase warrant, with
each whole warrant entitling the holder to purchase one additional
common share at a price of $0.30 for
a period of three (3) years from closing of the Offering, subject
to acceleration of the expiry date of the term. The Offering is
expected to close on or about October 31,
2023 and in all other respects, the terms of the Offering
are as announced on October 4,
2023.
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.
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 operating
mines at Las Cruces and Riotinto and is immediately adjacent to the
former Aznalcóllar and Los Frailes mines where Minera Los
Frailes/Grupo Mexico is in the final permitting stage with
construction anticipated to start in 2024. The Escacena Project
hosts the La Romana copper-tin-silver discovery and a number of
other prospective targets, including Cañada Honda, Bravo,
Barbacena, El Pozo, Romana Norte,
San Pablo, Zarcita, Hornitos, La Jarosa, and Romana Deep.
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.
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 media 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. Important factors that could cause
actual results to differ materially from the Company's expectations
include the ability to complete the private placement, receipt of
regulatory approvals and other risks and uncertainties disclosed in
the Company's Management Discussion and Analysis of its audited
financial statements filed with the British Columbia Securities
Commission. Copies of the Company's Management Discussion and
Analysis of its audited financial statements may be obtained at no
charge by visiting our Investors website
at www.panglobalresources.com or at www.sedar.com.
The forward-looking information contained in this media release
is based on information available to the Company as of the date of
this media 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.