- The offering was arranged by a syndicate of underwriters co-led by Canaccord Genuity Corp. & Sprott Capital Partners LP and Echelon Wealth Partners Inc.
- The underwriters agreed to buy, or find substituted purchasers for 16,667,000 common shares at a price of $0.60 per share
- The underwriters fully exercised an over-allotment option to purchase an additional 3,250,050 shares for gross proceeds of up to C$1,950,000
- The aggregate gross proceeds from the offering totalled C$14,950,000
- Pan Global Resources Inc is engaged in the acquisition, exploration, and development of mineral properties
- Pan Global Resources Inc. (PGZ) is unchanged, trading at $0.77 per share
Pan Global Resources (PGZ) announced the closing of an underwritten private placement financing.
The offering was arranged by a syndicate of underwriters co-led by Canaccord Genuity Corp. & Sprott Capital Partners LP and Echelon Wealth Partners Inc.
On May 20, the underwriters agreed to buy, or find substituted purchasers for 16,667,000 common shares at a price of $0.60 per share, representing aggregate gross proceeds of approximately C$10,000,000.
The underwriters agreed to upsize the offering to 21,667,000 shares for gross proceeds of C$13,000,000.
Pan Global granted the underwriters an over-allotment option, exercisable any time prior to 48 hours before the closing of the offering, to purchase an additional 3,250,050 shares for additional gross proceeds of up to C$1,950,000. The option was fully exercised by the underwriters, increasing the aggregate gross proceeds under the offering to C$14,950,000.
Net proceeds will be used for the continued development of Pan Global’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.
Pan 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.
Pan Global Resources Inc. (PGZ) is unchanged, trading at $0.77 per share.