Balcatta-based mineral explorer Pan Palladium Ltd will raise $1.7 million through a placement to three investors to raise funds for mineral exploration and analysis and working capital.
The full text of a company announcement is pasted below
Pan Palladium Ltd is pleased to announce that it has entered into agreements for the immediate placement of 17,000,000 fully paid ordinary shares in the Company at an issue price of 10 cents each for a total subscription amount of $1,700,000.
Subscription Agreements have been exchanged with:
- A J Richardson Nominees Pty Ltd - 2,000,000 shares at 10 cents each;
- Mandalay Investment Pty Ltd - 2,000,000 shares at 10 cents each; and
- Cereus Holding Ltd - 13,000,000 shares at 10 cents each
The placement and allotment are expected to be completed immediately following the 2006 Annual General Meeting which will be held today at 11.00am at Level 5, 15-19 Bent Street, Sydney, New South Wales.
This placement will move Cereus Holding Limited (which is a related corporation to Ivanhoe Nickel & Platinum Limited of Vancouver, Canada) to a 19.4 per cent shareholder in PPD.
The funds raised of $1,700,000 will be used for exploration, analysis and for general working capital.
Exploration programs include the Joint Venture project with Anglo Platinum in the Aurora area which commenced early November 2006 and for which the first assays are expected early in the New Year.
