Hong Kong Exchanges and Clearing Limited and the Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 8173)This announcement is made by Pan Asia Mining Limited (the 'Company', together with its subsidiaries, the 'Group') on a voluntary basis.
The board (the 'Board') of directors (the 'Directors') of the Company wishes to announce that during the period from 2 October 2015 and up to the date of this announcement, the Company has entered into separate subscription agreements with independent private investors (the 'Investors') pursuant to which the Investors have agreed to subscribe in cash, and the Company has agreed to issue, bonds in an aggregate principal amount of HK$30,000,000, bearing an interest rate of 4.5% per annum maturing on the eighth anniversary of the respective dates of issue of the bonds (the 'Bonds') in three separate tranches.
The principal terms for each tranche of the Bonds are as follows: Issuer : the Company
Principal amount : HK$10,000,000
Issue price : 100% of the principal amount of the Bond
Maturity date : on the date of the eighth anniversary of the date of issue of the
relevant Bonds (the 'Maturity Date')
Interest rate : 4.5% per annum to be fully prepaid by the Company on the
date of issue of the Bonds
Status : the Bonds constitute general, unsecured and unsubordinated
obligations of the Company Transferability : non-transferable
Redemption : to be redeemed at 100% of the principal amount on the
Maturity Date
Early redemption : the Company may at any time before the Maturity Date redeem
the Bonds (in whole or in part) upon serving a notice to the Investor and in an amount equal to 100% of the principal amount less the amount of any interest accrued before the Maturity Date
The terms of the Bonds were determined by the Board with reference to the prevailing marketconditions.
The net proceeds from the issue of Bonds is HK$19,200,000. The Company has applied the net proceeds as general working capital of the Group. The Company considers that raising long term debts at much cheaper financing cost by the issue of the Bonds will enable the Company to obtain funding to strengthen its working capital base which will facilitate the future business development of the Company. In view of the above, the Company considers that the issue of the Bonds is in the interest of the Company and its shareholders as a whole.
The Company also contemplates that an additional tranche of the Bonds, the terms of which shall be substantially the same as set forth above, will be issued by the Company before the end of 2015.
By Order of the Board Pan Asia Mining Limited Michael Koh Tat Lee Chairman
Hong Kong, 13 November 2015
As at the date of this announcement, the Board comprises three executive Directors, Mr. Michael Koh Tat Lee, Mr. Cheung Hung Man and Mr. Tan Chong Gin, two non-executive Director, Mr. Liang Tong Wei and Mr. Wong Chi Man, and three independent non-executive Directors, Mr. Chu Hung Lin, Victor, Mr. Tong Wan Sze and Mr. Fung Kwok Leung.
This announcement, for which the Directors jointly and individually accept full responsibility, including the particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement will remain on the page of 'Latest Company Announcement' on the GEM website for at least 7 days from the date of its posting.
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