“It is time to build your retirement Shack! All roads lead to Copper Stocks and The Incredible Mineralization of the Iberian Pyrite Belt.” ~ IWA
“Build your new house out of copper bricks, cover that copper with gypsum wallboard so you forget it’s in the walls. Ten years from now you’ll be able to tear down that house and buy a fleet of electric Lamborghinis with your profits.” ~ Robert Friedland
“Almost all signals indicate a tightening market: low Exchange inventory & bonded stocks, treatment charges at lows, etc. Spring to bring a fresh demand boost that the supply side is ill-positioned to meet, generating upside risk for price.” ~ Morgan Stanley
“We are seeing some outright growth in developed market metals consumption in the construction, consumer appliances, and automotive sectors, as covid-19 drives home renovations and new home demand,” ~ Citi Commodities Research
Bank of America forecasts global copper consumption to rise 6% to 24.76 million tonnes in 2021, and Citi sees new home demand and home renovations driving higher copper demand in the US in the next couple years. Citi also sees the copper market shifting into a deficit in the 2nd half of 2021, followed by deficits in 2022 and 2023.
PAN GLOBAL ANNOUNCES INCREASE TO BOUGHT DEAL PRIVATE PLACEMENT
VANCOUVER, BRITISH COLUMBIA – (May 25, 2021) – Pan Global Resources Inc. (the “Company”) (TSX-V: PGZ; OTC: PGNRF) today announced that due to strong demand, its previously announced “bought deal” private placement financing has been increased from C$10 million to C$12 million.
The Company announced yesterday that it had entered into an engagement letter with a syndicate of underwriters co-led by Canaccord Genuity Corp., Sprott Capital Partners, and Echelon Wealth Partners Inc. (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 16,667,000 common shares (the “Common Shares”) of the Company for gross proceeds of approximately C$10 million (the “Offering”). The Underwriters have now agreed to upsize the Offering to 20,000,000 Common Shares, with an option for over-allotments for an additional 3,000,000 Common Shares for additional gross proceeds of $1.8 million.
If the over-allotment option is fully exercised, aggregate gross proceeds of the Offering are expected to be C$13.8 million.
Pan Global’s President and CEO, Tim Moody, noted: “We are very encouraged by the strong demand for the Offering. The additional proceeds will allow us to further accelerate our planned drilling and exploration programs in Southern Spain.”
In all other respects, the terms of the Offering will be as announced on May 20, 2021. The Offering is expected to close on or about June 4, 2021.
Completion of the Placement is subject to the approval of the TSX Venture Exchange.
IWA is a shareholder of Pan Global Resources.
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.
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