Pan Asia (ASX:PAM) says it will issue a number of updates after the Singapore-based company was again challenged by the ASX over its disclosure obligations.
They relate to the issue of shares as consideration for liabilities owed — drilling, consulting, and investor relations services — but which the ASX believes were not disclosed properly.
Though Pan Asia considers its disclosure to be “accurate, complete and not misleading”, it acknowledged that of the $852,219 raised through the issue of convertible notes, $292,219 went to settle the liabilities.
“On reflection, the Appendix 3B notifying the proposed issue of shares should have had two different allocations, shares to be issued for cash and shares to be issued in consideration for services provided,” Pan Asia said in response to the ASX’s queries.
“PAM will update the Appendix 3B for the proposed issue.”
Pan Asia considers the service providers to now be “other investors” in the company, and intends to call another shareholder meeting to again put the convertible note resolution to shareholders.
The company has offices in Sydney, Australia and Bangkok, Thailand.
Write to Aaliyah Rogan at Mining.com.au
Images: Pan Asia Metals
