DGAP-News: Pan Asia Corporation Ltd.: MOU WITH MULTINATIONAL MINING SERVICES COMPANY AND COMMITMENTS FOR $5M PLACEMENT
(firmenpresse) - Pan Asia Corporation Ltd. / Miscellaneous
18.05.2010 15:15
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MOU WITH MULTINATIONAL MINING SERVICES COMPANY AND COMMITMENTS FOR $5M
PLACEMENT
The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are
very pleased to announce that the Company has signed a Memorandum of
Understanding ('MOU') with PT Kopex Mining Contractors ('KMC') and has also
received commitments for its $5,000,000 placement.
The MOU with KMC covers the Mantewe/TransCoal Minergy ('TCM') project in
South Kalimantan, Indonesia. The Kopex group, of which KMC forms part, has
considerable experience in underground coal mining in Indonesia and abroad
and is one of the largest producers of mining technology and equipment in
the world. The group will be known to Australians for having acquired
Waratah Engineering late last year.
KMC, the Indonesian mining subsidiary within the group, is headquartered in
Jakarta and has expertise in the planning and designing of underground coal
mines, offering a range of professional consultancy services as well as
having the capability to construct, develop and operate underground coal
mines. The MOU also envisages the possibility of KMC providing assistance
with project development financing once a preliminary review of the TCM
project has been completed.
Following the recent confirmation of a JORC resource at the TCM coal
project, the earlier signing of an MOU to investigate the possible
expansion of the adjacent ATA open pit coal mine into the TCM concession
and the recent signing of an MOU with Zhongding International Engineering
Co Ltd regarding potential underground mining operations at the TCM
concession, the signing of this MOU with KMC is another important step
towards the optimum development of this project.
As a result, upon completion of the Company's acquisition of Innovation
West and the execution of definitive transaction documents between
Innovation West and PT TransCoal Minergy, the Company would have not only
ultimate ownership of a minimum of 75% of the TCM project, but also a
network of service providers in place to assist it on this project.
Meanwhile, the Company also confirms that it has received commitments for
the $5,000,000 placement and anticipates that all paperwork and funds will
be received by Friday 21 May 2010. This will provide the Company with funds
to invest in further promising projects, including the Nadvara and Perdama
Maju Utama projects in East Kalimantan.
CEO Alan Hopkins commented 'The signing of an MOU with a highly respected
underground mining services company and the receipt of commitments for the
$5,000,000 placement strengthens the Company's plans to expedite the
rapidly emerging TCM project. Additionally, it enables the Company to
progress its involvement in the other highly prospective coal assets being
acquired via the pending acquisition of Innovation West.'
ALAN G. HOPKINS
Chief Executive Officer
About Pan Asia Corporation Limited
Pan Asia Corporation Limited is a rapidly growing diversified resources
company primary listed on the Australian Securities Exchange and secondary
listed on the Frankfurt Stock Exchange and with offices in Perth and
Sydney, Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding
Asian markets and is well advanced in its due diligence and requirements
for regulatory and shareholder approval for the acquisition of a number of
significant coal and manganese assets in Indonesia. This diversified
portfolio of assets includes projects in both production and exploration
stages as well as a significant opportunity to participate in commodity
trading which will complement these projects.
The evaluation and development of the current suite of assets in addition
to new opportunities that arise from a strong local partner network will be
the foundation for the Company's aim to become a top tier coal and
manganese company in Indonesia over the next three years. An extensive
international financial network provides support for the Company's rapid
growth plans.
18.05.2010 15:15 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Bereitgestellt von Benutzer: EquityStory
" alt="FIRST BAUXITE CORPORATION UPDATES STATUS OF BONASIKA FEASIBILITY STUDY AND PRESENTS LATEST RESULTS OF INDUSTRIAL SCALE SINTERING TRIAL OF BONASIKA BAUXITE
Datum: 18.05.2010 - 15:15 Uhr
Sprache: Deutsch
News-ID 21063
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 260 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Pan Asia Corporation Ltd.: MOU WITH MULTINATIONAL MINING SERVICES COMPANY AND COMMITMENTS FOR $5M PLACEMENT"
steht unter der journalistisch-redaktionellen Verantwortung von
Pan Asia Corporation Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
