Sam?s Seafood secures $1.9m to develop Kalimantan coal project

Australian firm Sam?s Seafood Holdings Limited (proposed to be renamed Pan Asia Corporation Limited) announced Tuesday that it has completed arrangements for a fund raising of A$1,900,000.

?These additional funds will strengthen the company?s cash position as it starts its first drilling programme at the Roda Niaga Coal Project as well as support the continued evaluation of the projects currently under due diligence review,? the company said.

The placement will be made without a disclosure document and is expected to be completed on Nov. 26, 2009, it said.

This offer is fully underwritten by Transocean Securities Pty Ltd. The underwriter will receive a fee of 6 percent plus an allotment of 12 million unlisted options which will have an exercise price of $0.025 and expire three years from the date of issue.

The Roda Niaga coal project covers 6,412 ha in Batulicin, South Kalimantan and is prospective for thermal coal deposits, given its close proximity to a number of existing open pit coal mines.

The company holds 80 percent indirect control over the project through its unit Triumph West Pty Ltd. (denny)