Australia:

Panax Geothermal raising A$1.6M for Indonesian projects, purchase agreements expected soon (menafn.com)

Panax Geothermal of Brisbane, Australia, is raising A$1.6 million to fund ongoing development of its geothermal projects in Indonesia until it finalises Power Purchase Agreements and project financing discussions.

The issue of up to 228.27 million new shares priced at A$0.007 each, is partially underwritten by Patersons Securities. Patersons will underwrite A$1.1 million of the issue.

Proceeds from the rights issue will be used for legal and associated costs of finalising power purchase agreements the Sokoria and Dairi Prime geothermal projects in Flores and North Sumatra, each with planned electricity generation capacity of 30 megawatts.

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