Panax receives $1.1 million from rights issues
Wednesday, August 8 2012 - 08:13 AM WIB
Australian-listed Panax Geothermal Limited stated that it would receive a total fund of US$1.1 million from its 1 for 2 pro-rata and renounceable rights issue, which was closed last Friday, August 3, 2012.
The company said in a press statement on Wednesday that it received applications totaling $447,161 in respect of the rights issue, including valid applications for entitlements of $354,738 and applications for additional shares of $92,423.
Applications were received from a total of 470 shareholders, out of total of approximately 2,400 shareholders on the register as at the record date.
The rights issue was undersubscribed by 177,442,935 shares (Shortfall Shares).
The Underwriter, Patersons Securities Limited will take up 93,262,631 shortfall shares, for a total amount of $652,839.
The proceeds derived from offer will be used for the on-going development of Panax?s geothermal projects in Indonesia , including legal and associated costs of finalizing power purchase agreements, site infrastructure, environmental studies, transmission line route analysis, and for general working capital purposes.
Panax recently announced to ASX that it has received written advice informing that the state utility PT PLN (the Indonesian Electricity Regulator), the Indonesian ministry of finance, and the ministry of energy and mineral resources, have confirmed that all negotiations related to the terms and conditions of the Power Purchase Agreements for both Sokoria and Dairi Prima Projects are now final. The final execution copies of these agreements are now being reviewed and prepared.
Editing by Benget Besalicto Tnb.