Pan Global Resources Inc. (TSXV: PGZ | OTCQX: PGZFF) has announced that due to strong demand, the previously announced non-brokered private placement financing has been increased from C$2M to C$6M.
Tim Moody, Pan Global president, and CEO, commented, “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 programme at the multi-target Escacena project and the La Romana Maiden Resource.”
“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.” Said Mr. Moody.
The company previously announced that it had arranged a non-brokered private placement financing of up to 10M units of securities at a price of C$0.20 per unit for aggregate gross proceeds of up to C$2M.
Following the upsizing, the company will now be issuing up to 30M units for aggregate gross proceeds of up to C$6M. 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, subject to acceleration of the expiry date of the term. The offering is expected to close around the 31 October 2023.
To find out more, please visit www.panglobalresources.com
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