Panax in capital-raising talks

By Ruli Setiawan

Panax Geothermal Limited said the Australian-listed company is in the process of capital-raising negotiations with a number of parties to help finance its geothermal development projects in Indonesia.

These parties have either largely completed or are in the process of completing their required due diligence on our projects. Draft terms sheet have been exchanged and are being reviewed with some of these groups, it said in a statement.

It added that the funding partners with whom the firm is engaged and being considered to have the most likelihood of completing a funding deal are a syndicated group of Singapore-based investment funds, a European-based investment fund and a China-based conglomerate.

Panax is currently engaged in Sokoria, Dairi Prima and Ngebel projects.

Editing by Dadan Wijaksana