Pacific American Coal Ltd (ASX:PAK) will retain its Elko Coking Coal Project but acquire a 20% stake in Imagine Intelligent Materials Pty Ltd, an Australian developer of graphene-based coatings for industrial textiles and fibres.
PAK will initially acquire 20% of the issued capital of Imagine IM in consideration for a cash payment of $1.25 million initially.
PAK will seek to raise $1.58 million from sophisticated and professional investors by an underwritten cash placement of 33 million new shares in PAK at an issue price of $0.048.
Imagine IM is a company that develops commercial applications for graphene and associated advanced carbon based materials.
The Elko coking coal project in British Columbia has a 254 million tonne resource of coal in the measured, indicated and inferred categories.
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