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Pan Asia Corporation Ltd announced its reinstatement to the Australian Securities Exchange, with the successful re-listing of the Company following the acquisition of a mix of Indonesian coal assets.
Trading of the Company’s securities recommenced from the opening of the market this morning, after approval from the Australian Securities Exchange that the Company had satisfied the requirements of Chapters 1 & 2 of the ASX Listing Rules. The Company’s GICS classification has been changed to the energy sector. The re-listing comes after a fully-subscribed $1 million fundraising. Pan Asia CEO Alan Hopkins thanked shareholders for their strong support during the Company’s transition. “Pan Asia now has a clear mandate to chase our goal of becoming a major supplier of key resources to expanding Asian markets. With the acquisition of Innovation West, we have a significant pipeline of thermal coal projects in Indonesia, including immediate cashflow from an initial four-year, 4.8 million tonne financing & off-take arrangement Recent good drill results from our flagship pre-development project (TCM) in South Kalimantan are very promising and we are looking forward to increasing JORC tonnages on this project”, Mr Hopkins said. Pan Asia’s projects include: - A Flagship Pre Development project in South Kalimantan (the TCM Coal Project) that has an initial JORC resource of 19.7Mt (Indicated), 11Mt (Inferred) and continuing good exploration results
- A Flagship Exploration project (the BCKP Coal Project), that has large tonnage potential
- Immediate cashflow from the repayment of loan, royalty & other income associated with a four year, 4.8 million tonne offtake agreement established over Ranrich coal supplies.
- A Pipeline of other project opportunities covering each of the above categories.
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