Pan Global Resources Inc. (TSXV: PGZ |OTCQX: PGZFF) has arranged a non-brokered private placement of up to 10M units at a price of $C0.20 per unit, for aggregate gross proceeds of up to C$2M.
Each unit will be comprised of one common share and one non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of C$0.30 for a period of three years from closing of the offering.
Tim Moody, president, and CEO of Pan Global, said “The proceeds from this placement will enable us to further define the extension of the copper-tin-silver mineralization at La Romana, continue testing other high priority targets such as the copper-gold Cañada Honda discovery, and follow-up new gravity targets including Barbacena and Romana Norte.”
The company has confirmed that the expiry date of the warrants may be earlier if the common shares of the company achieve a volume weighted average trading price greater than C$0.40 for 20 consecutive trading days, after four months and one day following closing of the offering.
The proceeds of the placement will be used to advance the company’s successful exploration programme at the flagship Escacena Project in southern Spain and for general working capital.
The Escacena Project comprises a large, contiguous, 5,760ha land package controlled 100% by Pan Global in the east of the Iberian Pyrite Belt, and 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.
To find out more, please visit www.panglobal.com
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