PanGlobal Resources To Raise $10.0 Million Via Bought Deal
PanGlobal Resources Inc. (TSXV: PGZ) last night announced that the company has entered into an engagement letter in which the company will offer on a “bought deal” private placement basis, 16,667,000 common shares of Pan Global. The offering will generate gross proceeds of approximately $10 million.
The Common Shares will be offered at a price of $0.60 per common share. Pan Global has also issued an over-allotment option that will allow the underwriters to sell an added 2,500,050 common shares, for additional proceeds of $1.5 million.
The proceeds raised from the offering will be used to complete early stage metallurgical work, and for accelerating the current drill program. The company will also utilize proceeds to begin drilling on the Al Andalus extension, as well as for general corporate purposes.
The offering is expected to close on or around June 4, 2021.
PanGlobal Resources Inc. last traded at CAD$0.68 on the TSX Venture.
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