News blog
Pan Pacific Aggregates
- BY: Andrew Hore |
- POSTED: 01/05/2009 |
Pan Pacific Aggregates is deferring the C$150,000 payment to HSBC until 14 May 2009 because it has not yet raised the cash to pay the settlement.
Pan Pacific Aggregates hopes to raise up to £400,000 from a share placing and it will pay the cash owed to HSBC – in settlement of a dispute about the leases on equipment at Pumptown Quarry in the Fraser Valley, Canada – once the cash is secured.
A variation of the terms of the secured convertible loan notes issued to RAB Special Situations will not happen until £300,000 is raised.
There is no guarantee that the cash will be raised from the placing and management may need to find an alternative. Costs are being reduced in order to conserve cash. Once the cash is sorted out, Pan Pacific will consider restructuring the main operations.
At 0.35p a share, down 0.1p on the day, Pan Pacific is valued at £1.06m so the fund raising will be highly dilutive.
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