Pan Global Resources Announces Closing of First Tranche of Non-Brokered Private Placement Financing
TSX VENTURE: PGZ
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - Pan Global Resources Inc. (TSXV: PGZ) ("Pan Global" or the "Company") today announced it has completed the first tranche its previously announced non-brokered private placement by the issuance of 7,788,000 units (the "Units") at a price of $0.20 per Unit for aggregate gross proceeds of $1,557,600.00 (the "Offering"). Each Unit is comprised of one (1) common share and one-half of one (1/2) common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for 18 months from closing of the Offering. The expiry date of the warrants may be accelerated by the Company if the common shares of the Company achieve a volume weighted average trading price greater than $0.35 for twenty (20) consecutive trading days.
The Units, common shares, share purchase warrants, finders' warrants and shares issued upon exercise of the share purchase warrants and / or the finders' warrants are subject to a four month hold period, expiring November 18, 2018.
Finders' fees in the aggregate of $64,836.00 and 162,090 finders' warrants were paid on a portion of the Offering. Each finder's warrant entitles the holder to purchase one additional common share at a price of $0.30 for 18 months from closing of the Offering.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development. The company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
FOR FURTHER INFORMATION PLEASE CONTACT:
President, Pretium Group
Tel: (250) 558-8340
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.