The Elko project has nine coal seams drilled out to a JORC-compliant level and is near key infrastructure such as existing rail to the port of Vancouver.
() has a new substantial holder in Jetosea Pty Ltd which has accumulated a 5.38% stake.
Sydney-based Jetosea became a substantial shareholder on November 5 and now has 9,616,429 fully paid ordinary shares in the company.
Placement raises $450,000
The North American coking coal project holder recently raised $450,000 in a placement which 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.
Pacific American is well-positioned to advance the Elko Coking Coal Project in British Columbia, Canada.
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