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.
PNA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held