Pan Global Resources Inc. extends its 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 this expansion is occurring “due to strong institutional demand, particularly from European resource funds.”
“In addition to a main order from youn strategic partner in SpainPan Global received a additional commitment from a leading fund of European resources for a significant part of the financing. “The exceptional support from existing and new key investors places 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.
Top-level region
“Pan Global’s mining rights in southern Spain are ideally located in a first copper mining regionwhere the number of active mines and projects under development continues to grow,” adds Moody. In this area, the company has invested more than 20 million in research mining. And now it is seeking funding to continue drilling.
The primary objective of this placement is to investigate the vein identified as Bravo, which Pan Global considers to be “highly prospective” and which is characterized by “a large gravitational anomaly“with enormous possibilities that there is “a massive mineralization of volcanic sulphide (VMS) hidden under a surface cover.
In the same area, Pan Global has already discovered copper-tin-silver in The Roman and copper-gold in Glen Honda.
Bravo is located one kilometer east of La Romana and 4.5 kilometers from the old mine. Aznalcollarwhere Minera Los Frailes-Grupo México is in the final administrative phase to open a new underground mine. The historic mine Riotintoexploited in the open pit by Atalaya, is also nearby.
Placement
The Company announced on October 15, 2024 that it had completed a non-brokered private placement of up to 25,000,000 units of securities at a price of 0.12 Canadian dollars per unit, for total gross proceeds of up to 3 million (approximately two million ‘euros). . After the increase, Pan Global will issue up to 58,333,333 units for total gross proceeds of up to 7 million (4.7 million euros), with an extension of the duration of the mandates purchase of ordinary shares for a period of 12 months to 18 months. Each unit will consist of one (1) common share and one-half (1/2) non-transferable common share purchase warrant, each whole 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.
The completion of the internship is subject to the approval of the Toronto Venture Exchange (TSX-V). Securities issued in this private placement will be subject to a four-month hold period in Canada and resale restrictions in the United States under United States securities laws may be paid to dealers for a portion of the offering .
