- Pan Asia Metals (PAM) aims to raise $8 million in a capital raise to underpin the next phase of exploration and development activities
- The battery and critical metals explorer and developer has already raised $6 million in a private placement
- Under the placement, Pan Asia issued 15 million shares at 40 cents per share to institutional and sophisticated investors
- Additionally, the company is also planning to undertake a $2 million share purchase plan (SPP)
- On the market this morning, Pan Asia is up 7.92 per cent and is trading at 54.5 cents per share
Pan Asia Metals (PAM) is looking to raise $8 million in a capital raise to underpin the next phase of exploration and development activities.
The company has already raised $6 million in a private placement, which was well supported by institutional investors.
Under the placement, Pan Asia issued 15 million shares at 40 cents per share to institutional and sophisticated investors.
Additionally, the company is also planning to undertake a $2 million share purchase plan (SPP).
The SPP will be offered to shareholders at the same price as the placement.
Funds from the raise will be used to complete infill and extensional drilling at the Reung Kiet Lithium Project.
Managing Director Paul Lock is pleased with the success of the placement, saying it sends a strong message that the company is on track.
“Our aim is to build a suite of low cost battery and critical metal projects which provide PAM an option to extend beyond the mine gate and value add; we believe the Reung Kiet and Kata Thong lithium projects will help us achieve this,” Mr Lock said.
“We extend our thanks to Viriathus Capital – their input and management of the program was instrumental to its success – as well as to our shareholders for their continued support.”
On the market this morning, Pan Asia is up 7.92 per cent and is trading at 54.5 cents per share at 10:56 am AEST.