#Canada #Vancouver #Escacena Project #Cármenes Project #PAN Global Resources

Pan Global Resources Inc. Announces Private Placement Financing

Pan Global Resources Inc., a promising player in the mining sector, has officially announced a non-brokered private placement financing that aims to significantly bolster its exploration programs in Spain. With the goal of raising up to $3,000,000 CAD by offering 18,750,000 common shares at a price of $0.16 per share, this initiative marks an important milestone for the company’s strategic growth plans.

Tim Moody, President and CEO of Pan Global Resources, highlighted the significance of this financing as the company is poised to enhance its activities in the Escacena and Cármenes Projects. The recent award of mineral rights to Escacena South has expanded Pan Global’s property position by 74%, resulting in more than 10,000 hectares under their control on the Iberian Pyrite Belt. This strategic expansion paves the way for an accelerated exploration program aimed at achieving a target of 100 million tonnes of copper-equivalent resources, building on the discoveries made at the La Romana and Cañada Honda deposits.

The proceeds from the private placement will be utilized to advance the company's exploration initiatives, resource definition programs, and general corporate purposes. This plan is not only fundamental for the company’s growth trajectory but also demonstrates its commitment to enhancing its mineral resource base in a region known for its rich deposits.

The Escacena Project, which has undergone considerable expansion, features a diverse array of prospective targets, including several significant mineral discoveries. These include locations like La Pantoja, Bravo, and El Pozo, among others, where continued exploration efforts are expected to yield promising results.

Additionally, the Cármenes Project, located approximately 55 kilometers north of León, encompasses five investigation permits covering 5,653 hectares. This area is recognized for its potential for multiple clusters of copper, nickel, cobalt, and gold mineralization, further amplifying Pan Global’s exploration capabilities. Historical mine workings, such as the Profunda and Providencia mines, enhance the site's potential for undiscovered resources. Notably, the recent drill program at the Providencia target has showcased great promise with a new gold discovery, further solidifying the project's significance.

The financing initiative is expected to close subject to customary conditions and acceptance from the TSX Venture Exchange. Meanwhile, the shares acquired in this placement will be under a four-month hold period and will adhere to U.S. resale restrictions due to the regulations under U.S. securities law.

In conclusion, this private placement represents a strategic move for Pan Global Resources Inc. as it demonstrates an unwavering commitment to expanding its exploration efforts within the Iberian Pyrite Belt. The growing demand for copper, bolstered by global electrification needs, positions the company favorably in the competitive mining landscape. For stakeholders and investors, this is an exciting time to monitor the developments in Pan Global’s exploration programs in Spain, which promise substantial growth opportunities in the coming months.

As Pan Global Resources Inc. continues to operate under the principles of the United Nations Global Compact, its commitment to responsible exploration and sustainability stands resolute. To delve deeper into Pan Global's initiatives and updates, interested parties can visit their Curation Connect showcase.