hot off the indonesian press

http://www.theindonesiatoday.com/news/resources-news/resources-photo/item/1534-panax-gets-deer-valley-financing-for-indonesian-geothermal-projects.html#.UJxvmodtiWY

"BRISBANE (Indonesia Today) - Panax Geothermal Ltd has secured a Share Placement Facility Agreement with Deer Valley Management LLC to provide a working capital facility of A$5 million to support its Indonesian geothermal projects.

Under the agreement, Panax is able to draw the facility over the next three years and it will issue shares to Deer Valley at an 18.5% discount to the prevailing market price.

Managing Director Kerry Parker said the facility will provide the company with adequate working capital for corporate, liquidity and project development purposes, during the coming period while Panax was continuing to finalise the securing of the final execution of the Power Purchase Agreements for its Indonesian near term projects and enable Panax to finalize its discussions and negotiations for required project financing.

Panax’s portfolio has the capacity to produce more than 300MW of geothermal with approximately 165MW to Panax. The company claimed each of its projects are underpinned by agreed commercially attractive power tariffs with agreed power purchase agreements. "