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ADVANCE METALS LIMITED — Capital/Financing Update 2017
Oct 18, 2017
64472_rns_2017-10-18_b10b2bca-f468-4e9f-b0b0-089efd29a479.pdf
Capital/Financing Update
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ASX RELEASE
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ASX Release
Thursday, 19[th] October 2017
19[th] October 2017
ASX Codes PAK, PAKO
100% Recovery from GCI Divestment
About Us
Pacific American Coal Limited is focused on the production, development and exploration of metallurgical coal assets in North America. The Company’s strategic focus is on the 100% owned Elko hard coking coal project in British Columbia and its investments in technological advanced opportunities. PAK has 100% ownership in a total of 6 Coal Leases in the East Kootenay Coal Field in British Columbia ‐ Canada and tenements in application in low volatile bituminous region of the Arkoma coal basin in Oklahoma.
Board
Non‐Executive Chairman – Geoff Hill Non‐Executive Director – Simon Bird Non‐Executive Director – Paul Chappell
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Pacific American Coal Limited ( ASX: PAK ) is pleased to announce that it has received US$408,580 being an early and final payment from GCI. The Company has now recovered 100% of its investment in GCI resulting in more than A$4.3m in cash reserves.
As previously advised, the Company entered into an agreement to sell its 30% equity investment in GCI, with repayments scheduled over a 24‐ month period commencing 15 January 2017. The proceeds from the divestment of the Company’s interest in GCI have been finalised 15 months early than scheduled. Early repayment was obtained during recent negotiations with our partner Mr. Craig Jackson.
Company Secretary
Ian Morgan
Management
Chief Executive Officer – Mark Sykes Business Development – Dom Hill Investor Relations – Simon Klimt
| Project | Stage | Location |
|---|---|---|
| Elko | Exploration | Canada |
| Hazell Howe |
Exploration Exploration |
Canada Oklahoma |
| Bokoshe | Exploration | Oklahoma |
Pacific American Coal Limited ABN 83 127 131 604 GPO Box 1546 SYDNEY, NSW, 2001
www.pamcoal.com
Receipt of these funds means PAK is now extremely well placed, with more than A$4.3m in cash reserves. PAK’s strengthened cash position will enable the Company to pursue its strategic objectives, which include:
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Completion of field studies and approval process at the 100% owned Elko Coking Coal Project,
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Advancing its other exploration assets in North America,
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Reviewing other accretive investments in North America and Australia
In addition to the funds having now been received in full, the Board is pleased to retain a positive on‐going relationship with GCI, enabling the Company to collaboratively work with GCI to assess opportunities in Oklahoma which better match PAK’s strategy.
Pacific American Coal Limited ABN 83 127 131 604 Suite 1002, Level 10, 171 Clarence Street, Sydney NSW 2000 GPO Box 1546, Sydney NSW 2001
P: +61 (0) 2 9238 1175 E: [email protected] W: www.pamcoal.com
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PAK’s Chairman Geoff Hill said: “PAK would like to thank the team at GCI and specifically CEO Craig Jackson for all his work over the years. With the recent positive change in US govt coal exploration policy, PAK looks forward to working in partnership with the team at GCI on other opportunities in the Arkoma basin of North America “
FOR FURTHER INFORMATION CONTACT
Australia Simon Klimt General Manager Investor Relations Pacific American Coal Ltd [email protected]
More details are available on PAK‘s website www.pamcoal.com
COMPETENT PERSON’S STATEMENT
Previously Released Information
These ASX announcements refer to information extracted from reports available for viewing on the Company's website www.pamcoal.com
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16.06.2014 TOCC Assets Independent Review
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02.11.2015 Elko Coal Project Maiden JORC Resource 257.5 Million Tonnes
The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements, and, in the case of exploration targets, that all material assumptions and technical parameters underpinning the exploration targets in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings presented have not been materially modified from the original market announcements.
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