Pan Asia raises $5m capital

Pan Asia Corporation has raised $5 million through a fully subscribed placement of shares on the ASX.

Pan Asia will invest the capital in future projects, including the Nadvara and Perdama Maju Utama projects in East Kalimantan.

CEO Alan Hopkins commented "The full subscription of the Company's placement serves to
further strengthen the Company's capacity to build and successfully exploit a portfolio of highly
prospective assets via the pending acquisition of Innovation West to be approved by
shareholders at the Company's next shareholder meeting."

Full announcement below:

The Directors of Pan Asia Corporation are very pleased to announce that the Company has now closed its $5,000,000 placement fully subscribed.

The raising of this sum will provide the Company with funds to invest in further promising
projects, including the Nadvara and Perdama Maju Utama projects in East Kalimantan.

CEO Alan Hopkins commented "The full subscription of the Company's placement serves to
further strengthen the Company's capacity to build and successfully exploit a portfolio of highly
prospective assets via the pending acquisition of Innovation West to be approved by
shareholders at the Company's next shareholder meeting."