Pan Asia raises new cash from share placement

By Demas Simbolon

ASX-listed Pan Asia Corporation Ltd said it has received firm commitments from investors to subscribe for 8 million shares at $0.07 per share to raise gross proceeds of $560,000 under the company?s 15 percent capacity.

The funds raised under the placement will enable the company to accelerate its TCM studies and meet its short term working capital commitments.

It said that the settlement and allotment of the new shares is expected to occur on December 12.

Of the new shares issued, 1,800,000 are proposed to be taken up by new Non-Executive Director, Mitch Jakeman. The issue of these shares will be conditional on shareholders approving the issue of shares to Mr Jakeman at a general meeting of shareholders expected to be held in the second half of January 2013.

Editing by Adianto P. Simamora