- Pan Asia Metals (PAM) raises $4.5 million through a private placement
- The company received firm commitments from two Thai-based institutional investors and one Australian institutional investor
- PAM’s cash boost will go towards advancing the company’s exploration and development efforts at the Reung Kiet lithium project in Thailand
- The company says it aims to become a leader in the supply of battery metals and chemicals in the Southeast Asia region
- Shares in Pan Asia Metals last traded at 37 cents at 10:55 am AEDT
Battery and critical minerals explorer and developer Pan Asia Metals (PAM) has raised $4.5 million through a private placement.
PAM told investors on Tuesday morning the placement was complete, with firm commitments from two Thai-based institutional investors and one Australian institutional investor.
The company raised $4.5 million before costs through the issue of 11.25 million shares at a premium price of 40 cents per share, with Viriathus Capital acting as Lead Manager.
PAM said the funds will go towards advancing the company’s exploration and development efforts at the Reung Kiet lithium project in Thailand. The scheduled work will include further preparations for a pre-feasibility study, due to commence later in 2023, and to begin drilling at the Bang I Tum lithium prospect.
Other efforts include progressing the current applications at the Kata Thong Geothermal lithium and Hard Rock lithium project, while looking to assess other new application areas.
“The support PAM has received from the three institutional investors participating in this placement speaks volumes about PAM’s projects and its strategy in Southeast Asia,” Pan Asia Managing Director Paul Lock said.
“The fact that we have raised at a premium to the most recent close and the 15 day VWAP also demonstrates that we have investors sharing PAM’s longer term vision.”
Mr Lock also commented that while company will prioritise the Reung Kiet project, it will also focus on potential midstream opportunities in the hopes to become a leader in the supply of battery metals and chemicals in the Southeast Asia region.
Shares in Pan Asia Metals last traded at 37 cents at 10:55 am AEDT.