Pacific American Coal Ltd's (ASX:PAK) has completed the acquisition of a 20% stake in Imagine Intelligent Materials, an Australian developer of graphene-based coatings for industrial textiles and fibres.
Graphene is a two-dimensional “super-material” offering extremely high electrical and thermal conductivity, amongst other features.
Imagine IM focuses on graphene-based industrial applications, and is the first in the world to develop conductive geomaterials using functionalized graphene.
Imagine IM’s imgne™ X3 conductive solution will soon be used in the development of a conductive geotextile that can be used to locate and remedy leaks in landfill and mining construction at an economic cost.
It is constructing Australia’s first commercial graphene plant of a capacity of 10 tonnes.
Late last month, Pacific American placed 33.2 million shares at $0.048 per share, raising $1.6 million (before costs). The funds will be applied to the first phase of the Imagine acquisition.
The company is scheduled to acquire another 20% from Imagine IM’s existing shareholders by 30th June 2016.
Pacific American will continue to develop its Elko coking coal project in British Columbia, Canada, its flagship project in North American coal.
The Elko project, which has a maiden resource of 257.5 million tonnes of coal, will eventually target sales to export markets, primarily eastern Asia.
Pacific American had cash of $1.05 million as at end March 2016.
Shares in Pacific American are up 137% over the past year.
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