Pan Asia Metals’ heavily oversubscribed SPP paves way for mineral resource delivery at Reung Kiet
A heavily oversubscribed SPP has raised $2 million with plans underway to target a 10,000 tonne per annum lithium plant at the Reung Kiet Lithium Project.
Pan Asia Metals Limited (ASX:PAM) has accepted a total of $2 million in applications under a heavily oversubscribed share purchase plan (SPP) which closed several days after opening.
This follows a $6 million private placement, which was well supported by institutional investors with the book being filled within a few hours of opening.
Pan Asia Metals managing director Paul Lock said: “The company is well placed to deliver projects with the potential to deliver low cost and low to zero carbon lithium products into a rapidly growing LIB and EV market.
“PAM is the only lithium explorer in SE Asia and is situated in close proximity to the advanced industrial centres of Thailand and Malaysia as well as other rapidly growing LIB and EV markets in the region.”
Funds will be used to drive the company’s exploration activities as follows:
Drilling at PAM’s Reung Kiet lithium prospect in southwest Thailand continues to intersect pegmatite dykes and vein swarms with a further three drill holes completed.
PAM has now completed 34 diamond core drill holes at Reung Kiet for a total of 4,856m with new results including:
Lock added: “Our drilling success in conjunction with our recent capital raise led to our decision to target an increased mineral resource to supply a 10,000 tonne per annum lithium hydroxide or lithium carbonate plant for 10 plus years.”
“This is double our earlier target.”
“We are drilling more metres to deliver a larger inaugural mineral resource to support a larger scoping study and we plan to deliver both in the first quarter of CY22.”
This article was developed in collaboration with Pan Asia Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.