Pan Asia completes rights issue to raise funds for South Kalimantan project

By Ruli Setiawan

ASX-listed Pan Asia Corporation Limited announced on Friday that it has completed rights issue to raise funds for the development of its TCM thermal coal project in South Kalimantan.

The rights issue offered up to of 76,185,813 (excluding ineligible shareholders) new shares at an issue price of $0.021 per share to raise approximately US$1.6 million.

The company received acceptances for a total of 435,947 Entitlement shares and acceptances for a further 230,526 additional shortfall shares. Therefore, there is a shortfall under the rights issue of 75,519,340 new shares.

The shortfall is fully underwritten by Nexus Link Limited meaning that all shortfall shares not subscribed for will be issued to Nexus.

CEO Alan Hopkins said, ?The Board was committed to offering our existing eligible shareholders an opportunity to subscribe for shares on the same basis as recent placements at $0.021 per share; especially as we start to move forward with plans for our flagship TCM High CV Thermal Coal Project.?

Editing by Johannes Simbolon