Pan Asia Metals Ltd (ASX:PAM) has received applications from investors for its initial public offer (IPO) exceeding the minimum subscription requirement of $4 million.
Following the strong support for the offer, Pan Asia has extended the IPO closing date to 5.00 pm Singapore time on Monday, August 31, 2020.
This is for the purpose of accommodating those further investors who have indicated their wish to subscribe for shares in the company.
Project development plans
Pan Asia managing director Paul Lock said: “Pan Asia Metals is delighted to have delivered a successful offer in these times, and to be listing on the Australian Securities Exchange.
“The successful completion of this raise enables us to rapidly move forward with project development plans.”
Preparing for drilling
Pan Asia is preparing a drilling program and making arrangements to mobilise drilling equipment from its 100%-owned Reung Kiet Lithium Project in southern Thailand to enable a planned drilling start at its 100%-owned Khao Soon Tungsten Project upon listing, if not before.
Its management has considered more than 25 project opportunities in South East Asia since 2013, with the best assets forming the foundations of the company in 2017.
The company is advancing two tungsten projects and two lithium projects while simultaneously establishing a pipeline of potential acquisition targets.
Three of the company’s four projects are in Thailand, in line with its strategy of developing downstream value-add opportunities located in low-cost environments proximal to end market users.
It is also building a pipeline of acquisition opportunities that meet its assessment criteria and has several opportunities under review