re: fund raising again here's ann $3 million raised to fund feasibility study on the
Phu Bia Gold Project, Laos
Pan Australian is pleased to announce that the Company has received firm commitments to
place $3,000,000 worth of the Company’s ordinary shares (subject to receipt of valid
applications).
The funds raised will enable Pan Australian to complete the pre-feasibility study and proceed
to a feasibility study on the Phu Bia Gold Project, Laos (Figure 1). The pre-feasibility study
has the objective of identifying a combined ore reserve of 350,000 ounces of gold from the
Ban Houayxai deposit and the Phu Kham gold cap deposit. The Company is currently
pursuing a resource drilling campaign at the Phu Kham deposit in order to reach that
objective. The funds raised will enable Pan Australian to continue drilling at the Phu Kham
deposit for the purpose of identifying additional ore reserves for the bankable feasibility
standard.
Brokers to the issue are Bell Potter Securities Limited and Tolhurst Noall Limited. The
funds will be raised in accordance with ASX Listing Rule 7.1 through the issue of
43.5 million ordinary shares in Pan Australian Resources N.L. at a price of 6.9 cents per
share, which represents an 8% discount to the closing price on 30 July 2003.
Following the issue, Pan Australian will have just over $4 million cash on hand and issued
capital of 333.6 million shares and 14,700,000 unlisted options.
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