06:57 AM EDT, 10/23/2025 (MT Newswires) -- Pan Global Resources ( PGZFF ) overnight Wednesday said it completed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$2.32 million.

The company issued around 14.51 million shares at a price of $0.16 each.

A statement noted that one director of the company participated in the financing and was issued an aggregate of 100,000 shares under the first tranche.

The company will use the proceeds of the first tranche to advance exploration, including drilling, at its flagship properties in Spain and for general corporate purposes.