Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update on Pan Asia Metals Ltd’s (“PAM”) corporate and exploration activities in Thailand.
PAM is a privately owned South East Asian focused metals exploration and development company with a focus on lithium and tungsten. Metal Tiger currently holds a 7.62 per cent. interest in PAM, having been diluted down following a recent issue of ordinary shares in PAM.
- Preparations for an initial public offering (“IPO”) of PAM on the Australian Securities Exchange (ASX) are on schedule, with the IPO expected in April 2020.
- To date, PAM has received AU$900,000 of a planned AU$1.9 million capital raising for the IPO with commitments received for approximately half of the remaining AU$1.0 million dollars.
- Thailand Department of Primary Industry and Mines (“DPIM”) has advised it is in the final stages of approving PAM’s Exploration Prospecting Licence Applications (“EPLA”) at the Bang Now Lithium Project in southern Thailand.
- Thailand’s Electric Vehicle (“EV”) and Lithium Ion Battery policy initiatives are gaining momentum, with Mercedes beginning battery assembly in Thailand and a total of 13 international manufacturer companies being granted EV privileges.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are pleased to provide an update on Pan Asia Metals Limited, the south east Asia focused battery metals exploration company. PAM is on schedule to complete an initial public offering on the ASX in April 2020. The strong growth of the electric vehicle and battery manufacturing in Thailand, supported by positive government policy, represents an opportunity for PAM to position itself as an important supplier of Thai battery metals.
We look forward to supporting PAM as it continues to push the project forward and will announce further updates in due course.”
Full announcement UPDATE
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