Pan Asia Corporation Limited - Relists Following Acquisition Of Coal Assets
31.01.2011 | ABN Newswire
11:44 AEST Jan 31, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Pan Asia Corporation Ltd (ASX: PZC) (the 'Company') is pleased to announce 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 A$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.
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
http://www.panasiacorp.com.au