Pan Global Resources Inc. announced that it was preparing on the Toronto Stock Exchange a private placement without intermediary of 3 million Canadian dollars (approximately 2 million euros) through 25 million shares to finance drilling on the priority target Bravo of its Escacena project, with which the company is carrying out mining research since 2019 with an investment of 20 million to search for metals. “We are pleased to announce that we have a significant order as part of this financing of a strategic partner in Spain, with a commitment of additional support,” said Tim Moody, President and CEO.
In this same area identified as Bravo, Pan Global has already made discoveries of copper-tin-silver in La Romana and copper-gold in Cañada Honda. But he also detected “other very promising targetsincluding priority target Bravo” which is characterized by a “large gravitational anomaly” with great possibilities.
This point is one kilometer east of The Roman and 4.5 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.
“The primary use of funds raised through this funding will be the drilling of the Bravo priority target on the Escacena project, where results from the soil geochemistry (1.7 km by 1.0 km) and gravity survey (2, 0 km by 1.5 km) support our point of view. that this great objective could represent a massive volcanic sulfide mineralization (VMS) hidden under surface cover, similar to the La Romana copper-tin-silver discovery near Pan Global,” he noted. Tim Moody through a declaration.
Placement
The offering will consist of 25 million units for total gross proceeds of up to C$3 million. Each unit will be composed of one common share and half a warrant non-transferable purchase of ordinary shares. Each full warrant entitles the holder to purchase one additional share of common stock at a price of 0.16 for one year from the closing of the offering.
The net proceeds from the offering will be used to advance the programs of business exploration in Spain and for corporate purposes general. The offering is subject to customary closing conditions and approval of the Toronto Stock Exchange Venture Exchange (TSX-V). The common shares 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 on a portion of the offering.
MMH in Seville
Pan Global took advantage of celebration of the MMH in Seville, where the mining sector came together internationally, to make this announcement regarding his work at Escacena, which he describes as a “flagship project” for the company.
The V edition of the Mining and Minerals Fair, MMH 2024, which closed today at the Seville Congress and Exhibition Center (Fibes), was a an economic impact estimated at 7.16 million euross in the city, 32.6% more compared to the 5.4 million of the previous edition. This was announced by the MMH 2024 commissioner, Enrique Delgadowho added that the event received more than 14,658 visits during its three days, 46.6% more than in 2022.
The meeting, organized by the Association of Research, Exploitation, Mining-Metallurgical, Auxiliary and Service Companies (AMINE) and Fibes, and which has already become an international reference for the mining industry, welcomed 257 exhibitors (50% more than the previous edition) and 6,432 square meters of exhibition space (44% more) . In this edition they recorded 1,300 members of Congress (30% more), and 4,626 business contacts were made, in addition to project presentations and meetings between companies and entities.
Enrique Delgado handed over as MMH commissioner to Atalaya Mining’s director of permitting and mining project development, Fernando Arauz de Robles. A senior mining engineer and recognized personality in the sector, he worked in several companies in the field of extraction of metals, ornamental rocks and aggregates and was Secretary General of Industry, Energy and Mines of the Junta de Andalucía.
