Panax Geothermal with pending announcement on capital raising initiatives
View in the mountains of North Sumatra (source: Flickr/ martin_canon500d, creative commons)
Alexander Richter
5 Jul 2012
Panax Geothermal has been granted trading halt pending capital raising initiatives and likely finalization of PPAs for Indonesian projects.
Reported this morning, Australian listed geothermal developer “Panax Geothermal (ASX: PAX) has been granted a trading halt in regards to pending capital raising initiatives.
The company is currently waiting on finalisation of power purchase agreements for its Sokoria and Dairi Prime geothermal projects in Flores and North Sumatra, each with planned electricity generation capacity of 30 megawatts.
This would allow Panax and its local partner PT Bakrie Power to finalise required project financing.
It is also earning a 35% stake in Bakrie’s Ngebel which could see an increase in initial capacity to 220 megawatts from the original phased 165 megawatts due to the Indonesian demand for secure renewable energy.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 9th July.”
Source: Proactive Investors
