Pan Asia re-lists following acquisition Kalimantan coal assets

Australian firm Pan Asia Corporation Ltd announced Monday its reinstatement to the Australian Securities Exchange, with the successful re-listing of the company following the acquisition of a mix of Indonesian coal assets.

The re-listing comes after a fully-subscribed $1 million fund raising, the company said.

Pan Asia CEO Alan Hopkins thanked shareholders for their strong support during the company?s transition. ?Pan Asia now has a clear mandate to chase our goal of becoming a major supplier of key resources to expanding Asian markets.

With the acquisition of Innovation West, we have a significant pipeline of thermal coal projects in Indonesia, including immediate cash flow from an initial four-year, 4.8 million tonne financing & off-take arrangement

In August last year, Pan Asia has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Singapore-based commodities firm Noble Resources Pte Ltd, a unit of Noble Group

Noble has agreed to purchase 4.8 million tons of coal over the next four years from Pan Asia?s Nadvara mine in East Kalimantan. Noble has provided prepayment finance totalling $2 million.

Recent good drill results from our flagship pre-development project (TCM) in South Kalimantan are very promising and we are looking forward to increasing JORC tonnages on this project?, Hopkins said.

Pan Asia?s projects include: a Flagship pre development project in South Kalimantan (the TCM Coal Project) that has an initial JORC resource of 19.7Mt (Indicated), 11Mt (Inferred) and continuing good exploration results; a Flagship Exploration project (the Baramega Citra Kutim Permai (BCKP) Coal Project), that has large tonnage potential; Immediate cashflow from the repayment of loan, royalty & other income associated with a four year, 4.8 million tonne offtake agreement established over Ranrich coal supplies; a pipeline of other project opportunities covering each of the above categories. (kanti)