Pan Global Resources Inc., a mining exploration and development company, recently announced its private placement of 24,000,000 flow-through units and Non-Flow Through (NFT) units for gross proceeds of up to $6,000,000.
Pan Global has appointed Beacon Securities Ltd. as its agent for the non-brokered private placement. The offering will involve $4.5 million of flow-through units (FT) and $1.5 million of NFT Units at $0.25 per unit. Each FT unit consists of one flow-through common share and one-half of one common share purchase warrant, while each NFT unit consists of one common share and one-half of one common share purchase warrant.
The proceeds from the offering will be used to fund the exploration and development of its Lapaskistana and North Bullfrog projects in Nevada, USA. Additionally, a portion of the proceeds will be used for corporate expenses and working capital.
Pan Global’s Chairman and CEO, Don Burton said, “This financing enables the Company to explore our two projects in Nevada, USA, with the objective of determining their potential economic value. We are pleased to have a well-respected financial partner, Beacon Securities, involved to facilitate the financing.”
Beacon Securities Ltd., a leading merchant bank based in Toronto, is helping Pan Global to raise capital for its Nevada projects. This arrangement enables Pan Global to move forward on an accelerated timeline.
Pan Global Resources Inc. is a Canadian mineral exploration company well-known for its Nevada projects. It has exclusive rights to its Lapaskistana project, which is adjacent to the Kinross Gold Curren Canyon Trend, and to its North Bullfrog project, which is close to the recently acquired Bullfrog mine. It is thus in a position to bkinset up a significant presence in Nevada as a frontier exploration company.
Pan Global believes that with the resources available and the accomplishment of the necessary exploration milestones, its Nevada projects will be a major business undertaking that will generate attractive returns. The planned exploration program will be expected to bring these projects closer to production.
The completion of the non-brokered private placement will provide Pan Global with a better working capital position and allow it to pursue its planned exploration program.