The company is now also now well-placed to expand the 50% joint venture in GP Hydro, a renewable power generation business.
Pacific American said the placement, which raised $450,000 before costs, was well supported with 13.2 million shares taken up.
The placement was made at 3.4 cents a share, which was a 6.5% discount to the company’s five-day VWAP on October 30.
Drilling permit approval
In September the company secured the Notice of Work (drilling permit) approval for its Elko Coking Coal Project in British Columbia, Canada, for a further five years through to September 24, 2024.
The company is now able to begin activities that will support the next exploration campaign:
- Engaging with exploration drilling companies and geophysical coal loggers;
- Shortlisting construction companies, coal analytical companies and geotechnical consultants;
- Finalising a comprehensive list of risk mitigation strategies for exploration;
- Completing in-field environmental and archaeological surveys; and
- Working with stakeholders to deliver another successful exploration program.