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Pan Asia Metals Secures AU$35 Million, Plans Rebrand as Flagship Minerals
Battery metals company PAM plans to use the funding for its South American copper and lithium assets in Chile.
Singapore battery and critical metals explorer and developer Pan Asia Metals (PAM) (ASX:PAM) has entered a binding capital commitment agreement with New York based Global Emerging Markets (GEM) Group to secure up to AU$35 million in funding.
GEM is a US$3.4 billion alternative investment group focused on emerging markets. It has completed over 570 transactions in 70 countries.
In a press release, PAM said the agreement, on which it had been working with GEM for several months, "provides (the company) a pathway to Resource definition and pre-feasibility at both the Rosario Copper and Tama Atacama Lithium projects."
PAM also announced its plan to rebrand as Flagship Minerals to eliminate confusion regarding its geographic focus. While it still has its RK lithium project in Thailand, it has also expanded into South America with the Rosario and Tama Atacama assets in Chile.
Aside from advancing its projects, PAM said that the funding also gives it the opportunity to undertake strategic acquisitions.
The agreement covers a four-year period, during which time the company can access the funds through a series of drawdowns.
However, PAM must send a notice to start a 15 day pricing period before raising funds. The share price for the funding will then be 90 percent of either the average closing bid price during this period or a fixed floor price set by PAM, whichever is higher.
The fixed price can't be lower than the closing price before the funding notice.
Another condition, subject to shareholder approval, is that Lock will provide GEM with collateral shares equivalent to the commitment fee, calculated at 90 percent of the closing bid price upon signing of the agreement and re-calculated every 90 days thereafter until the fee has been paid.
The change in company name is also subject to shareholder approval.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.
When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.
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Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.
When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.
Learn about our editorial policies.