- Pan Asia Metals (PAM) enters a trading halt while it plans a capital raise
- While the company hasn’t disclosed how much it will raise or what it will use the money for, it has recently made its upcoming plans fairly clear
- The minerals explorer plans to undertake drilling at two projects in Thailand to deliver a mineral resource and potential scoping study
- It also recently pegged five exploration licences to form a new lithium project where it will explore for geothermal-hosted lithium and geothermal energy
- Company shares last traded at 50.5 cents on September 1
Pan Asia Metals (PAM) has entered a trading halt while it plans a capital raise.
The company hasn’t disclosed how much it will raise or what it will use the money for.
In saying that, the materials stock has recently made its goals and upcoming plans clear but whether or not the upcoming funding will support these is not yet clear.
On August 31, Pan Asia Metals’ shares went up as much as 146 per cent after announcing it filed for five geothermal and hard rock lithium applications in Thailand.
These tenements are proposed to form the company’s Kata Thong Lithium Project where it will focus on discovering geothermal-hosted lithium and associated geothermal energy.
The following day, Pan Asia Metals released its half-year report for the six months ending June 30, 2021.
In the report, PAM said its objective was to continue drilling at the Reung Kiet Lithium Project (RKLP) in southern Thailand. The company hopes to deliver a JORC-compliant mineral resource later this year which is to be followed by a scoping study.
Once it has defined a resource for the RKLP, it may recommence drilling at the Khao Soon Tungsten Project to also report a mineral resource for this project.
Overall, Pan Asia’s goal is to identify and develop battery and critical metal projects in low-cost jurisdictions and proximal to advanced industrial hubs.
At the end of June, PAM had about US$1.25 million (A$1.7 million) in cash.
The company expects to stay in the trading halt by no later than Monday, September 6.
Company shares last traded at 50.5 cents on September 1.