PAN GLOBAL RESOURCES INC. ("PGZ ")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
BULLETIN DATE: March 18, 2015
TSX Venture Tier 2 Company
Further to the TSX Venture Exchange Bulletin dated August 29, 2013, the TSX Venture Exchange has accepted for filing the Letter Agreement dated February 9, 2015 ("Amending Agreement") among Pan Global Resources Inc (the "Company") 298221 B.C. Ltd. (the "Vendor") and its sole shareholder Mr. Petr Palkovsky to amend the terms of the purchase of all the issued and outstanding shares in the capital Lithium Li Holdings Inc. ('Lithium Li'). Lithium Li holds 9 exploration licenses in Serbia and Bosnia.
Under the terms of the Amending Agreement:
* All future cash and share considerations under the original agreement, are to be replaced by the issue of additional Company shares to the Vendor ,so that the Vendor shall hold, in the aggregate, directly or indirectly,19.97% of the issued and outstanding number of Company shares, on or about
* February 15, 2015;
o This will result in the issuance of an additional 4,156,328 shares, in addition to the 3,528,165 shares now held by the Vendor and Petr Palkovsky.
* The provision providing for acceleration of payments to the Vendor and Mr. Palkovsky on change of control of Pan Global has been terminated;
* Provided the Vendor holds at least 10% of the then issued and outstanding share capital of Pan Global, the Vendor shall have the right (but not the obligation) to participate in further debt or equity financings undertaken by Pan Global in order to maintain its pro rata shareholding in PGZ; and
* The Services Agreement related to Mr. Palkovsky's employment as COO of Pan Global has been terminated with no continuing or further obligation whatsoever by any party to any other party.
Further information on the transaction is available in the Company's news release dated February 16, 2015.
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