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Pacific American Coal share spike attracts ASX speeding ticket

The company is fully funded to complete its planned 2018 exploration program.

share price rise
Elko Coking Coal Project in Canada is progressing

Pacific American Coal Ltd’s (ASX:PAK) shares have been on a tear, rising to a high of 6 cents today from a close of 3.9 cents on Thursday, prompting the ASX to issue a speeding ticket.

Responding to the ASX price and volume query, the company said that there was no information that had not been announced to the market.

Pacific American revealed on 28 March 2018 the cash sale of its South Hazell Exploration Project for C$1 million.

The company held total cash of $4.7 million as at 14 April 2018.

Significantly, Pacific American is fully funded to undertake and complete its planned 2018 exploration program at its 100% owned Elko Coking Coal Project in Canada.

READ: Pacific American Coal gets cash from asset sale as Elko coking coal project advances

Elko is a highly attractive project, with 257 million tonnes of JORC 2012 resource already identified.

Quick facts: Pacific American Holdings Ltd

Price: 0.039 AUD

ASX:PAK
Market: ASX
Market Cap: $6.45 m
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Pacific American Coal Limited looking for partnerships with its project in B.C.

"Pacific American Coal Limited (ASX:PAK) IR general manager Simon Klimt sat down with Proactive Investors at the Vancouver Resource Investment Conference. The Sydney-based company focuses on the production, development, and exploration of metallurgical coal assets in North America. The...

on 21/1/19

2 min read