Pan Asia completes $1.6m rights issue

By Ruli Setiawan

ASX-listed Pan Asia Corporation Limited announced Tuesday that it has now completed all aspects of its recent rights issue and the underwriter, Nexus Link Limited, has subscribed for their underwriting commitment being 75,519,340 new shares for US$1.586 million.

Nexus now holds 99.5 million shares representing a 32.60 percent interest in the company, Pan Asia said in a statement.

The company has said it would use the rights issue proceeds to among others help finance the development of its 75 percent-owned TCM thermal coal project in South Kalimantan.

Elsewhere, Pan Asia said Noble representative Director Tim Gazzard has stepped down from the Pan Asia Board due to his increased personal work commitments and Noble?s interest in Pan Asia decreasing below a 5 percent interest following recent capital raisings.

Pan Asia is extremely pleased to have found support from a corporate perspective and is continuing to move forward with a number of offshore groups on a transaction that could see our flagship high CV thermal coal project in Indonesia funded through to production.

Editing by Reiner Simanjuntak