MELBOURNE (Dow Jones)--PanAust Ltd. (PNA.AU) said Tuesday it plans to carry out a capital raising and has also entered into an agreement with a cornerstone investor who will take a 19.9% stake in the miner.
The Brisbane-based copper and gold miner in Thailand and Laos requested a trading halt ahead of the announcement of plans for an accelerated nonrenounceable entitlements offer on a two-for-nine basis, to be carried out alongside the placement of 100 million shares to institutional shareholders.
"In addition, PanAust will announce the entry overnight into an agreement with a cornerstone investor who will acquire a 19.9% interest in PanAust (subject to certain conditions precedent)," the miner said in a statement.
I think this is a good move, I wonder who?
PNA Price at posting:
37.4¢ Sentiment: Hold Disclosure: Held
