Panex Resources Inc. (OTCPK:DBGF) announced a private placement of 850,000,000 common shares at $0.001 per share for gross proceeds of $850,000 on March 13, 2014. The closing of the transaction is conditional upon completing an effective increase in the authorized capital, in order to have a sufficient number of common shares to issue to all of the subscriptions the company has received.

On the same day, the company has issued 833,400,000 common shares for gross proceeds of $833,400 in its first tranche.