VANCOUVER, BRITISH COLUMBIA – (August 8, 2017) – Pan Global Resources Inc. (“Pan Global” or the "Company") (TSX Venture Exchange: PGZ) today announced that it has elected to accelerate the expiry date of the warrants (the "Warrants") issued on March 6, 2017 as part of its private placement unit offering (the "Private Placement").
Pursuant to the terms of the Private Placement, if the volume weighted average trading price of the Company’s shares on the TSXV is above $0.13 per share for twenty (20) consecutive trading days, the Company is entitled to accelerate the expiry date of the Warrants to a date twenty (20) business days from the date notice of such acceleration is provided to holders of Warrants. The Company has elected to provide notice of such acceleration to the holders of Warrants.
This press release constitutes notice to Warrant holders of the new expiry time. Any Warrants remaining unexercised after the new expiry time will be cancelled.
Effective today, the Warrants issued to the purchasers pursuant to the Private Placement are set to expire at 4:30 p.m. (Vancouver time) on Wednesday, September 6, 2017.
Although it is unknown how many Warrants will be exercised, if all of the Warrants are exercised, the Company will receive additional proceeds of $2,123,000 and a total of 21,230,000 additional common shares of the Company will be issued. If all agents’ warrants issued in connection with the private placement are exercised, the Company will receive additional proceeds of $100,020 and a total of 1,000,200 additional common shares of the Company will be issued.
How to Exercise Warrants
Warrant holders who wish to exercise their Warrants should instruct their investment advisor and be prepared to provide payment to their advisor firm equal to the exercise price for each warrant exercised. Investors should consult with their investment advisor to confirm the time required to complete this process and other costs associated with the exercise, if any.
Warrant holders who hold a physical certificate wishing to exercise Warrants need to provide the Company with a certified cheque, bank draft or money order payable to Pan Global Resources Inc., together with the Warrant certificate with the exercise appended to the certificate duly completed.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development.
On behalf of the Board of Directors
FOR FURTHER INFORMATION PLEASE CONTACT:
Phone: +1 604-715-6845
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.