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Pan Global Completes Purchase of All Rights to the "Escacena" Investigation Permit, in the Iberian Pyrite Belt, Southern Spain and Adopts Shareholder Rights Plan
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2022) - Pan Global Resources Inc. (TSXV...
About this update from Pan Global Resources Inc.
[{"type":"text","content":"Pan Global Completes Purchase of All Rights to the \"Escacena\" Investigation Permit, in the Iberian Pyrite Belt, Southern Spain and Adopts Shareholder Rights PlanVancouver, British Columbia--(Newsfile Corp. - June 9, 2022) - Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (\"Pan Global\" or the \"Company\") is pleased to announce that the final payment has been made to acquire all rights to the \"Escacena\" Investigation Permit (the \"Property\") at the Company's Escacena Project in the Iberian Pyrite Belt, southern Spain. The Escacena Project includes both the \"Escacena\" Investigation Permit and the 100% controlled \"Al Andaluz\" Investigation Permit.Tim Moody, Pan Global President and CEO states: \"The final payment for the purchase of the Escacena Investigation Permit marks an important milestone as the Company advances exploration in the Escacena Project and further secures its position in this highly prospective area. The Escacena Investigation Permit is a key part of the Company's Escacena Project and contains the La Romana copper discovery and other important exploration targets.\" On May 15, 2017 Pan Global, through its subsidiary Minera Escacena S.L., entered into an agreement with EVALAM 2003 S.L., providing the Company an exclusive option to acquire 100% of the Property rights. The agreement required the payment of C$350,000 over three years, C$1,000,000 work expenditure and includes a capped royalty. Final payment of C$170,000 to EVALAM 2003 was made on June 3, 2022. The Company has also exceeded cumulative exploration expenditures as required under the agreement.Transfer of the Escacena Investigation permit to Pan Global's wholly-owned Spanish subsidiary, Minera Escacena S.L. was completed on May 8, 2020. The Escacena Investigation Permit was granted for an initial term of three years on November 26, 2018 and authorization to renew the Investigation Permit for a second three-year term on was received on February 4, 2022.Adoption of Shareholder Rights PlanThe Company also announces that that its board of directors (the \"Board\") has approved a shareholder rights plan (the \"Rights Plan\"). The adoption of the Rights Plan is intended to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any unsolicited take-over bid for the Company (as defined in the ...