(MENAFN- ProactiveInvestors)
has requested a suspension of its shares ahead of an announcement in relation to the company finalising entering into a material acquisition.
The suspension is expected to remain in place until an announcement is made by the start of trading on Thursday December 10.
In October confirmed it was set to consider a A$5 million convertible note facility with Coleman Ventures after a rights issue raised $918000.
In April Pan Asia executed a convertible agreement with Coleman for the total amount of $5m able to be drawn down over two years
Also earlier this year the company announced that it had entered into an exclusive Heads of Agreement with Resources of Singapore for the commercial sale of Pan Asia’s 75% interest in the Transcoal Minergy coal project in Indonesia.
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