Pan Asia raises $7m to finance S. Kalimantan coal project
Tuesday, November 11 2014 - 01:16 AM WIB
ASX-listed Pan Asia Corporation announced Tuesday it has entered into a US$7 million convertible note financing facility with investment company Caldecott Ventures Ltd to help finance the development of its 75 percent-owned high calorific value TCM thermal coal project in South Kalimantan.
The new financing facility follows the launch of a $1.8 million rights issue made in September to raise funding for the TCM coal project.
?The company is extremely pleased to establish the required funding arrangements to secure the company?s financial position and enable us to reinvigorate activity on our flagship high CV thermal coal project in South Kalimantan,? Pan Asia said in a statement.
CEO Alan Hopkins added: ?This facility provides the funding to significantly advance our flagship high CV thermal coal project.?
The company is currently making preparations to seek approval from shareholders for the facility.
Editing by Reiner Simanjuntak