CARSON CITY, NV--(Marketwired - Nov 5, 2013) - Pan Global, Corp. (OTCQB: PGLO) (the "Company") is pleased to announce that it has entered into a loan agreement (the "Finance Agreement") with its long-time lead financier, Anatom Associates S.A. ("Anatom"), for up to $1,000,000 USD in non-convertible 8% debt. The Company will use a portion of this financing to fund the first set of closings of its recently announced planned acquisition of 100% of the outstanding shares and convertible debt (if not previously converted) of Regency Yamuna Energy Limited ("RYEL"), a privately held Indian corporation which is commissioning a 5.7 MW small-hydro project in northern India (the "Project").
Due to the Financing Agreement, the Company was able to consummate the Initial Financing, as defined in the Company's definitive Stock Purchase Agreement, dated October 28, 2013 (the "Stock Purchase Agreement"), between the Company's wholly-owned subsidiary, Pan Asia Infratech Corp., RYEL and the RYEL stockholders on October 28, 2013. Because of the Financing Agreement, the Company is now also able to begin funding 40 million Rupees (Rs. 40,000,000) (approximately $655,738 USD) in the first set of closings under the Stock Purchase Agreement. A portion of the funding will allow RYEL to complete the construction of the Project and enable the Project to be connected to the power grid.
The Company's Management commented, "Anatom has been a lender to the Company for close to a year and with this Finance Agreement, continues to support the Company's business plan. We continue to develop our financing plan; and, we remain optimistic that ongoing discussions with Anatom and other investors will result in acquiring the balance of RYEL."
Further details of the Finance Agreement and the Initial Financing are available in the Company's Form 8-K filed with the SEC yesterday and available on the SEC's website, www.sec.gov. The hyperlink to the Company's 8-K follows:
About Pan Global, Corp.
Pan Global, Corp., through its wholly-owned subsidiary, Pan Asia Infratech, Corp., is focused on environmentally sustainable energy, infrastructure and technologies. Our aim is to invest in green energy technology and infrastructure to build an inclusive green economy around the world.
For additional information, please visit: www.panglobalcorp.com, the contents of which are not incorporated into this press release.
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