Pan Asia Corporation Limited: Confirms Receipt of US$4.5 Million Loan Repayment
22.03.2012 | ABN Newswire
12:13 AEST Mar 22, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) is pleased to confirm it has now received US $4,500,000 from the settlement of the Ranrich Investment Ltd ('Ranrich') loan.
These funds are repayment of a loan made to Ranrich in 2010. As part of the settlement, the Company also reached agreement to exchange its right to earn a 50% interest in the BCKP concession, for a royalty of US $1 per tonne on all coal sold from the BCKP concession, limited to a maximum royalty of US $15m.
Additionally, Ranrich's representative, Mr Honardy Boentario will step down from the board as part of these settlement arrangements.
Pan Asia CEO Alan Hopkins said' This settlement is very timely as we can now focus on choosing the best development arrangements for our Flagship TCM project'.
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Contact:
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au