Pan Asia receives a US$ 4.5 million loan repayment
Thursday, March 22 2012 - 04:37 AM WIB
Australian-listed company Pan Asia Corporation Ltd stated that the company has received US$ 4,500,000 from the settlement of the Ranrich Investment Ltd loan. The fund is repayment of a loan made to Ranrich in 2010.
Pan Asia CEO Alan Hopkins said that as part of the settlement, the company also reached agreement to exchange its right to earn a 50% interest in the Baramega Citra Kutim Permai (BCKP) concession, for a royalty of US$ 1 per tonne on all coal sold from the BCKP concession, limited to a maximum royalty of US$ 15 million.
Additionally, Ranrich's representative, Honardy Boentario will step down from the board as part of these settlement arrangements. "This settlement is very timely as we can now focus on choosing the best development arrangements for our Flagship TCM Project in South Kalimantan," said Hopkins on Thursday.
Pan Asia Corporation Limited is a rapidly growing resource company listed on the ASX with offices in Jakarta , Perth and Sydney. The company aims to be a major supplier of key resources into the expanding Asian markets and has a flagship high CV thermal coal project with an initial significan JORC resource in South Kalimantan (TCM project).
The TCM project is nearing completion of feasibility study (scheduled for early next quarter). Pan asia brings together an experienced board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Editing by David Mustakim