Pan Global Resources Inc. (CVE:PGZ) recently announced the closing of their non-brokered private placement. The company completed the financing which resulted in the placement of 5,000,000 non flow-through units at a price of $0.30 per unit for gross proceeds of $1,500,000.
Each unit is comprised of one common share and one-half of one warrant. The warrants are exercisable at an exercise price of $0.40 per share for a period of two years from the closing date. The proceeds will be used primarily for the development of their 100% owned Croinor Gold Mine located in Québec, Canada, working capital, and general corporate purposes.
This project marks the beginning of a new phase of development for Pan Global, who has been working diligently to advance its precious metals portfolio. The non-brokered private placement will provide the company with the needed capital that will put them on the path to success. It has the potential to be incredibly beneficial to the shareholders, as this financing will help the company reach their future objectives and objectives.
Pan Global is a diverse resource company with operations in both South and North America. Their portfolio includes a range of assets, and includes a majority ownership of the Croinor Mine Gold Project, a producing molybdenum mine, and the potential for considerable resources. The company is optimistic about the future prospects for this mine and their other assets as they continue to advance the project.
The non-brokered private placement signals the start of a new chapter of growth and development for Pan Global’s promising projects. As the company presses on and continues to develop and prosper, the successful closing of the equity financing is a significant milestone for the advancement of the company.