Pan Global Resources, a junior mining company based in Vancouver, announced it has closed a $7.2 million private placement with Alpayana Acquisition. The company said that these funds will be used to enhance the exploration and drilling program at the Escacena and Carmenes projects in Spain.
The financing package included the issuance of 45 million ordinary shares at a price of $0.16. Shares are subject to a hold period ending on October 13, 2026.
Alpayana has raised its stake in Pan Global to 19.55% from 9.61% after acquiring an additional 45 million shares. The company said the report will be published on SEDAR+ soon, as its ownership has now crossed the 10% disclosure threshold for the early warning report.
Pan Global’s Escacena project extends over 15,000 hectares in the Iberian pyrite belt, close to major former producing mines. Meanwhile, the Carmenes project covers more than 5,600 hectares in the Rio Narcea gold belt, a historic copper-cobalt region now showing gold potential following drilling results in 2025.
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