Pan Asia Corporation Limited Raises $560k via Placement

11:13 AEST Dec 7, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - The Directors of Pan Asia Corporation Limited (ASX:PZC) are pleased to announce it has received firm commitments from sophisticated investors to subscribe for 8 million shares at $0.07 per share to raise gross proceeds of $560,000 ('Placement') under the Company's 15% capacity as per the ASX Listing Rules.

The new shares will rank equally with existing fully paid ordinary shares.

Settlement and allotment of the new shares is expected to occur on or about Wednesday 12 December 2012.

Of the new shares issued, 1,800,000 are proposed to be taken up by new Non-Executive Director, Mitch Jakeman. The issue of these shares will be conditional on shareholders approving the issue of shares to Mr Jakeman at a general meeting of shareholders expected to be held in the second half of January 2013.

The funds raised under the Placement will enable the Company to accelerate its TCM studies and meet its short term working capital commitments.


About Pan Asia Corporation Limited:

Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.

The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).

Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.



Contact:

Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au