Business
Pan Global Resources Announces Closing of $14.95 Million Underwritten Financing
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Pan Global Resources Inc. (TSX...
About this update from Pan Global Resources Inc.
[{"type":"text","content":"Pan Global Resources Announces Closing of $14.95 Million Underwritten FinancingVancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (the \"Company\") today announced the closing of an underwritten private placement financing (the \"Offering\") arranged by a syndicate of underwriters co-led by Canaccord Genuity Corp. & Sprott Capital Partners LP and Echelon Wealth Partners Inc. (collectively, the \"Underwriters\").On May 20, 2021 the Company entered into an agreement with the Underwriters, pursuant to which the Underwriters agreed to buy, or find substituted purchasers therefor, 16,667,000 common shares (the \"Common Shares\") from the Company at a price of $0.60 per Common Share, representing aggregate gross proceeds of approximately C$10,000,000. The Underwriters agreed to upsize the offering to 21,667,000 Common Shares for gross proceeds of C$13,000,000.The Company also granted the Underwriters an option, exercisable in whole or in part at any time prior to 48 hours before the closing of the Offering, to purchase an additional 3,250,050 Common Shares for additional gross proceeds of up to C$1,950,000. The option was fully exercised by the Underwriters, thereby increasing the aggregate gross proceeds under the Offering to C$14,950,000.The net proceeds of the Offering will be used for the continued development of the Company's exploration properties in southern Spain and for general corporate purposes.The Common Shares issued in the Offering are subject to a four month hold period expiring October 9, 2021.About Pan Global ResourcesPan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate. On behalf of the Board of Directorswww.panglobalresources.com.FOR FURTHER INFORMATION PLEASE CONTACT:[email protected] NoticeThis news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities...