Engagement Of Stonebridge As Lead Broker For Pan Asia Corporation Limited Options Underwritten
10.11.2010 | ABN Newswire
15:21 AEST Nov 10, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) has successfully retained Stonebridge as its lead broker while also securing the underwriting of its one cent unlisted options (which expire on 30 November 2010).
Lead Broker
The engagement of Stonebridge will assist Pan Asia with its significant growth plans and market positioning as a rapidly emerging supplier of key resources to the expanding Asian markets.
Stonebridge is a staff owned investment & full service broking firm with an experienced team comprising more than 200 staff, including 110 investment advisors, located throughout an extensive network of offices in Australasia. It has extensive experience in the coal & resources sectors & in particular with Australian Listed companies operating in the Asian markets.
Pursuant to this engagement, the Company has agreed to issue Stonebridge with 632,740 (post consolidation) unlisted options with an exercise price of 20 cents and 632,470 (post consolidation) unlisted options with an exercise price of 24 cents with all options having a term of 2 years from issue.
Option Underwriting
The Company has also executed an underwriting of its unlisted options that expire 30 November 2010 with Sydney based Notegrin Pty Ltd, ensuring the company will receive the full value of these outstanding one cent options , which is approximately A$910,000. The underwriter will receive a fee of six per cent on the value of these options in consideration for the underwriting.
Pan Asia CEO Alan Hopkins said 'the appointment of an Australian lead broker with a strong following in the coal sector provides great support for the Company's future growth plans & market positioning.'
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing diversified resources company listed on the Australian Securities Exchange with offices in Perth, Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding Asian markets and is well advanced in its due diligence and requirements for regulatory and shareholder approval for the acquisition of a number of significant coal and manganese assets in Indonesia. This diversified portfolio of assets includes projects in both production & exploration stages as well as a significant opportunity to participate in key infrastructure development which will complement the existing coal projects held by the Company.
The evaluation & development of the current suite of assets in addition to new opportunities that arise from a strong local partner network will be the foundation for Pan Asia's aim to become a top tier coal & manganese company in Indonesia over the next three years. An extensive international financial network provides support for the Company's rapid growth plans.
Contact:
Pan Asia Corporation Limited
Alan G. Hopkins
Chief Executive Officer
Tel: +61-8-9381-5819