Pan Asia pursues private placement amid ongoing suspension

Pan Asia Metals (ASX:PAM) has begun a capital raising via a private placement as its voluntary suspension continues. 

The battery and critical metals explorer and developer has now been in suspension on the ASX for just over three months. 

The company expects to complete the private placement in the week beginning 6 May and anticipates it will remain in voluntary suspension until 9 May 2024 or once it announces the outcome of the placement. 

Pan Asia’s prolonged suspension has continued due to ongoing discussions with strategic investors regarding their participation in a proposed placement on 1 February 2024. 

While the company has not specified exactly how much it plans to raise via the proposed placement, Managing Director Paul Lock told in January that shares would be potentially priced at $0.15.

As part of the placement, Lock says the company’s board and management team, as well as associated parties, agreed to contribute around $465,000 as part of the capital raise. 

Lock also noted that, if successful, portions of the funds would likely go towards advancing the company’s Reung Kiet Lithium Project in Thailand and the Tama Atacama Lithium Project in Chile.

More recently, Pan Asia announced it was gearing up to make a submission under the Request for Information (RFI) process for 1,200km2 of its target lithium brine holdings in Chile.

The company’s decision followed the Chilean Government releasing the policy framework as part of its National Lithium Strategy, which will allow private companies to explore for, extract, and process lithium. 

As such, Pan Asia invited private companies to indicate their interest via the RFI process, which will be used to define lithium target areas that will be given priority to enter into special lithium operation contracts. 

Expressions of interest under the RFI are due by 17 June 2024. 

Pan Asia Metals claims to be the only publicly-listed battery materials company with lithium projects in Southeast Asia and South America, and with agreements with battery and chemical producers in Asia.  

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Images: Pan Asia Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.