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Pacific American Holdings has new substantial shareholder in Jetosea Pty Ltd

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.

Pacific American Holdings Ltd - Pacific American Holdings has new substantial shareholder in Jetosea Pty Ltd
Jetosea Pty Ltd is a Sydney-based investor

Pacific American Holdings Ltd (ASX:PAK) 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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ASX:PAK
Market: ASX
Market Cap: $3.21 m
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