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Pacific American Holdings shares halted ahead of fundraising announcement

A new drill program at the Elko Coking Coal Project will assist in completing a pre-feasibility study as well as defining JORC reserves on the property.

Pacific American Holdings Ltd - Pacific American Holdings is in trading halt head of a fund raising
PAK recently upgraded its high-quality coking coal JORC resource to 303.1 million tonnes

Pacific American Holdings Ltd (ASX:PAK) has been granted a trading halt ahead of a fundraising announcement, which is being finalised by the company’s corporate advisor.

The trading halt will remain in place until the beginning of normal ASX trading on Monday, November 4, or when an announcement is made to the market, whichever occurs earliest.

Securities of the North American coal developer last traded at 3.4 cents, down from 4.11 cents on October 9.

Drilling permit approval

In September the company secured the Notice of Work (drilling permit) approval for its Elko Coking Coal Project in British Columbia, Canada, for a further five years through to September 24, 2024.

The company is now able to begin activities that will support the next exploration campaign:

  • Engaging with exploration drilling companies and geophysical coal loggers;
  • Shortlisting construction companies, coal analytical companies and geotechnical consultants;
  • Finalising a comprehensive list of risk mitigation strategies for exploration;
  • Completing in-field environmental and archaeological surveys; and
  • Working with stakeholders to deliver another successful exploration program.

Quick facts: Pacific American Holdings Ltd

Price: 0.031 AUD

ASX:PAK
Market: ASX
Market Cap: $5.53 m
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