Sydney - Imagine Intelligent Materials Pty Ltd, (Imagine IM), has announced that it successfully raised $2M cash before costs in a private placement by issuing 1,333,333 new shares at $1.50 cash per share.
Pacific American Coal Limited (PAK) owns 1,617,099 shares in Imagine IM and PAK's significant shareholding remains unchanged, but now represents 30% of Imagine IM's $2M higher capital value.
Imagine IM is focused on developing conductive coatings and sensing technologies for industrial textiles.
PAK is delighted Imagine IM's recent $2M cash raising brings another major supportive shareholder to the Imagine IM register. The welcome injection of new capital enables Imagine IM to optimise its "Plant-In-A-Box " technology into a licensable "turn-key" project.
PAK has a good investment position in Imagine IM and is happy to have a smaller piece of a larger pie.
Rather than becoming more committed to Imagine IM, PAK allowed itself to be diluted back while new, incoming parties carry the ball through the next phase of process optimisation and the establishment of production facilities.
Imagine IM remains a valuable investment.
PAK continues to focus funds on its exciting Hard Coking Coal "Elko" Project in British Columbia, where we intend to deliver on our plans for a mid-2017 drilling program and completion of a scoping study.
The opportunities and strengths of PAK's asset portfolio are exciting, in particular pushing forward development of the Elko Project for international coal markets.
About Pacific American Coal Ltd:
Pacific American Coal Limited (ASX:PAK) is focused on the production, development and exploration of the metallurgical coal assets in North America. The Company's flagship Elko Coal Project contains an identified Mineral Resource of 257 million tonnes of hard coking coal. It is located in the Crowsnest Coalfield of the East Kootenay Basin in British Columbia, Canada, which hosts a number of operational coal mines. Coal from the Elko region has been tested and confirmed to contain properties sought after by South East Asian steel mills. It has established geographically proximate infrastructure and supportive local communities.
Mark Lochtenberg Managing Director
Pacific American Coal Limited