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TSXV: PGZ | OTCQX: PGZFF
| FRA: 2EU
VANCOUVER, BC, Nov. 7, 2024
/CNW/ - Pan Global Resources Inc. ("Pan Global" or the "Company")
(TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) is pleased to announce the
closing of the non-brokered private placement launched on
October 15, 2024, that was
subsequently upsized due to strong demand from existing
shareholders, institutional resource funds, and a strategic Spanish
investor.
"I am delighted that the financing has met with such strong
support from existing shareholders as well as two new major
investors: a strategic investment from a private Spanish partner
and Konwave AG, a prominent European resource fund. The Company is
now well-funded to advance our vision to define 100 million tonnes
of copper mineralization at the flagship Escacena Project. Our
immediate focus is the maiden drill program at the highly
prospective Bravo target at the Escacena Project and continued
expansion drilling at the La Romana discovery ahead of a maiden
resource in 2025," said Tim Moody,
Pan Global President and CEO.
"Escacena is a low-risk advanced copper exploration project in
Europe hosting near-surface copper
mineralization with significant upside size potential, in a
top-tier mining region of southern Spain close to major operating mines and
infrastructure."
The Company issued 60,419,328 Units (the "Units") for
aggregate gross proceeds of $7,250,319.36. Each Unit is comprised of one (1)
common share and one-half of one (1/2) non-transferable common
share purchase warrant, with each whole warrant entitling the
holder to purchase one additional common share at a price of
$0.16 for a period of 18 months from
closing of the Offering. In connection with the Private Placement,
the Company paid a 6.0% cash finder's fee on a portion of the
Private Placement. All dollar ($) amounts in Canadian dollars.
The net proceeds of the private placement will be used to
advance the Company's exploration programs in Spain, as well as for general corporate and
working capital purposes.
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 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. The
Company is a member, and operates under the principles of, the
United Nations Global Compact.
On behalf of the Board of Directors
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 news 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. 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.
The forward-looking information contained in this news release
is based on information available to the Company as of the date of
this news 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.