Pan Asia Corporation (ASX:PZC) is raising $1.6 million through a...

Pan Asia Corporation (ASX:PZC) is raising $1.6 million through a fully underwritten rights issue to fund costs at its TCM thermal coal project in South Kalimantan, Indonesia.

The 1 for 3 non-renounceable rights issue of 76,295,428 shares priced at $0.021 each is fully underwritten by major shareholder Nexus Link Limited.

TCM has a JORC Resource of 129 million tonnes of coal (6200 GAR kcal/kg) and is located east of Arutmin’s ATA open pit coal mine, giving it access to established infrastructure.