Raya Group pockets USD 1.4m from placement of shortfall shares

Jul 23, 2013 - Australia-based Raya Group Ltd, former Panax Geothermal Ltd (ASX:PAX), said on Monday it had raised additional AUD 1.55 million (USD 1.4m/EUR 1.1m) through the placement of shortfall shares, bringing the proceeds from its share purchase plan to AUD 1.89 million.

The funds will be allocated for the on‐going assessment and development of the company's geothermal projects in Indonesia. The proceeds will also go to search for new projects that will diversify Raya Group's assets.

Melbourne Capital Ltd managed the placement of the shortfall, Panax Geothermal, which in May changed its name to Raya Group Ltd, said.

Last month the company wrapped up its share purchase plan for 34.8 million of shares, raising AUD 348,000. It initially sought to raise up to AUD 2.9 million by selling shares at a price of AUD 0.01 apiece. The participating shareholders were entitled to buy between AUD 1,500 and AUD 15,000 of new listed ordinary shares. Each of them was also able to get one free attaching option that is exercisable at AUD 0.015 over a three-year period from the date of issue for every share subscribed for.

(AUD 1.0 = USD 0.924/EUR 0.701)

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