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Pan Pacific Aggregates joined Aim on 16 December 2005. It raised £2.54m at 80p (800p post-consolidation) a share, which valued the company at £50.85m. Pan Pacific was established to consolidate mineral claims on the Sechelt Peninsula in British Columbia, Canada. There were industrial minerals and construction aggregates on the site. The deposit had approximately 750m tonnes of potentially extractable resource. Following the Aim admission further areas of land in the area were acquired, including space for a ship loading facility. There were delays in permitting applications because of the existence of caves of potential archaeological importance. In February 2008, RAB Special Situations converted loan notes into shares taking its stake to 52.15%. Every 10 existing shares will be consolidated into one new share in July 2008. The acquisition of nearby quarry assets and an equipment operator will dilute that RAB stake.
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