Panax to raise A$225,000 from share issuance
Tuesday, February 19 2013 - 04:10 AM WIB
ASX-listed Panax Geothermal Limited (Panax) announced a placement to sophisticated investors amounting to US$225,000 via the issue of 150,000,000 quoted ordinary shares in Panax at an issue price of $0.0015 per share.
Of the placement amount, 104,000,000 ordinary shares will be issued and allotted to sophisticated investors on Tuesday 19th February 2013 to raise $156,000, with the balance of 46,000,000 shares to raise a further $69,000 to be issued following an extraordinary general meeting of the company which will be held in the near future, the company said in a press statement on Tuesday.
Sophisticated investors participating in the placement will also receive unlisted options in Panax, on a one-for-one basis, with a strike price of $0.0015, expiring three years after the issue date.
The issue of unlisted options to sophisticated investors will be subject to shareholder approval at an extraordinary general meeting of the company which will be held in the near future.
The proceeds of the offer will be used to finance, among others, the company's geothermal projects in Indonesia, and its expansion of its current project portfolio in the country.
Editing by Benget Besalicto Tnb