Sign up Australia
Proactive Investors - Run By Investors For Investors

Pacific American Coal swells cash position after recovering investment

Pacific American has now completed a 100% recovery from the GCI divestment.
Pacific American Coal swells cash position after recovering investment
Pacific American has received a cash balance boost

Pacific American Coal Ltd (ASX:PAK) has received US$408,580 from the early and final payment from GCI, and therefore recovered 100% of its investment.

The company now has more than $4.3 million in cash.

As previously advised, the company entered into an agreement to sell its 30% equity investment in GCI, with repayments scheduled over a 24 month period commencing 15 January 2017.

The proceeds from the divestment have been finalised 15 months early than scheduled.

Geoff Hill, chairman, commented: "PAK would like to thank the team at GCI and specifically CEO Craig Jackson for all his work over the years.

"With the recent positive change in US Government coal exploration policy,

"PAK looks forward to working in partnership with the team at GCI on other opportunities in the Arkoma basin of North America."

Next steps

PAK’s strengthened cash position will enable the company to pursue its strategic objectives, which include:

- Completion of field studies and approval process at the 100% owned Elko Coking Coal Project;
- Advancing its other exploration assets in North America; and
- Reviewing other accretive investments in North America and Australia.

In addition to the funds having now been received in full, the board is pleased to retain a positive on‐going relationship with GCI, enabling the company to collaboratively work with GCI to assess opportunities in Oklahoma which better match PAK’s strategy.

 

View full PAK profile View Profile

Pacific American Coal Ltd Timeline

Related Articles

1519132358_zinc-periodic-3.jpg
Wed
Galileo's Star zinc project in Zambia is showing plenty of promise
picture of mining drill
August 03 2017
Latest results from drilling at the Sanama Hill target at Ferensola confirmed continuity of the mineralisation
gold bars
January 15 2018
Arc Minerals says goodbye to its old name and hello to bigger and better upside in Africa

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use