Asia Pacific Resources (APQ-T) has completed a private placement of more than 5.6 million units at 55 apiece for total proceeds of about $3.1 million.
Crew Development (CRU-T) subscribed to 4 million of the units for $2.2 million. This resulted in an increase in Crew’s interest in Asia Pacific to about 13.2%.
Each unit consists of one share and one warrant. One warrant allows the holder to buy an additional share of Asia Pacific at $1 for 12 months.
Asia Pacific plans to use the proceeds for general working capital and for ongoing development programs in Thailand.
The company is developing the 2-million-tonne-per-year Somboon mine near Udon Thani in northeast Thailand. The mine is expected to be one of the world’s largest potash mines. So far, more than 1.4 billion tonnes of resources have been identified. They lie in two high-grade deposits — Udon and Somboon.
Somboon will be the first to be developed. Udon is about three times larger and of similar grade.
Be the first to comment on "Crew ups stake in Asia Pacific"