Transcoal Minergy reschedules debt owed to Kopex
Tuesday, October 29 2013 - 09:31 AM WIB
ASX-listed Pan Asia Corporation Ltd announced on Tuesday that PT Transcoal Minergy (TCM), which is 75 percent owned by PAC, has entered into an agreement with Kopex to extend their loan of US$2,530,000 to Nov. 30, 2014.
Pan Asia is guarantor to TCM for this loan amount.
The terms of the agreement include that TCM will pay Kopex an amount of $181,000;? TCM will retain Marek Rosa of Pan Asia on a fixed consultancy arrangement at $18,000 per month for the term of the loan extension; and TCM will provide Kopex with security over a 10 percent interest in the TCM project or conversion into Pan Asia shares at Kopex election in the event of default.
CEO Alan Hopkins said, ?This rescheduling was an important precursor to establishing the ongoing funding arrangements for the Company /TCM project. With this now in place, we have the foundation to complete all other arrangements.?
Pan Asia holds a 75 percent interest with its Indonesian partners owning a 25 percent interest, which owns the TCM coal project in the Tanah Bumbu Regency of South Kalimantan
Editing by Johannes Simbolon