Pan Asia Metals Ltd (ASX:PAM) has closed its Share Purchase Plan (SPP) early due to heavy oversubscription with more than two weeks left on the original deadline.
Target subscriptions of $2 million, or 33% of the funds raised in the private placement, were easily met by shareholders within weeks of opening with applications received totalling more than $2.5 million.
The battery metals and critical exploration company will now scale back subscriptions to the $2 million target on a pro-rata basis as per the terms and conditions of the SPP document.
This SPP followed a $6 million private placement which was also well supported, involving the sale of 15 million shares at $0.40 to institutional and sophisticated investors.
New funds enable further exploration
The newly generated funds are slated to finance exploration projects as follows:
- Complete infill and extensional drilling at the Reung Kiet Lithium Project in anticipation of delivering a maiden mineral resource;
- Continue necessary technical and economic studies required in anticipation of delivering a scoping study for the Reung Kiet Lithium Project in Q1 of 2022;
- Progress applications at the Kata Thong Geothermal Li & Hard Rock Li Project and begin initial exploration work;
- Progress additional targeted geothermal lithium and hard rock lithium blocks to formal application; and
- Continue battery and critical metal project targeting and acquisition program.
Extensive lithium at Reung Kiet
Thirty-eight diamond core drill holes have now been completed by PAM at its Reung Kiet Project in southern Thailand, revealing rich deposits and swarm veins throughout the exploratory drilling process. Further drilling has already been slated with assay results likely to be available in October.
A maiden mineral resource estimate and scoping study are expected to be undertaken in Q1 2022.
Read: Pan Asia Metals drilling confirms extensive lithium mineralisation at Reung Kiet in Thailand
About Pan Asia Metals
PAM is a battery and critical metal exploration company, with a commitment to sustainability and building partnerships with the local communities in which they operate.
The company is in the midst of diversifying its interests, establishing a pipeline of battery and critical metals assets within the South-East Asian Tin-Tungsten Belt.
PAM owns a 100% interest in four projects – two tungsten and two lithium assets – three of which are in southern Thailand.