Pan Asia Corporation Ltd.
Pan Asia Corporation Ltd.: $5M PLACEMENT FINALISED
Pan Asia Corporation Ltd. / Miscellaneous 25.05.2010 12:30 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. --------------------------------------------------------------------------- 25 May 2010 $5M PLACEMENT FINALISED The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are very pleased to announce that the Company has now closed its $5,000,000 placement fully subscribed. The raising of this sum 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 full subscription of the Company's placement serves to further strengthen the Company's capacity to build and successfully exploit a portfolio of highly prospective assets via the pending acquisition of Innovation West to be approved by shareholders at the Company's next shareholder meeting.' 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. 25.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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