Confirms Receipt of US$4.5 Million Loan Repayment
Perth, Mar 22, 2012 AEST (ABN Newswire) - Pan Asia Corporation Limited (
ASX:PZC) is pleased to confirm it has now received US $4,500,000 from the settlement of the Ranrich Investment Ltd ("Ranrich") loan.
These funds are repayment of a loan made to Ranrich in 2010. As part of the settlement, the Company also reached agreement to exchange its right to earn a 50% interest in the BCKP concession, for a royalty of US $1 per tonne on all coal sold from the BCKP concession, limited to a maximum royalty of US $15m.
Additionally, Ranrich's representative, Mr Honardy Boentario will step down from the board as part of these settlement arrangements.
Pan Asia CEO Alan Hopkins said" This settlement is very timely as we can now focus on choosing the best development arrangements for our Flagship TCM project".
Contact
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au
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