Thomsons advise Panax Geothermal on renounceable rights issue

17 July 2012


Brisbane Corporate Partner, Eugene Fung and team have advised geothermal power developer Panax Geothermal Limited on a renounceable rights issue.  The raising is 70% underwritten by Patersons Securities Limited.  The funds raised will be used for the on-going development of Panax’s geothermal projects in Indonesia. 

Panax recently finalised negotiations for Power Purchase Agreements for two of its Indonesian projects with the Indonesian Electricity Regulator (PLN) and Ministries of Finance and Energy and the Indonesian Government is committed to increasing installed geothermal power capacity by 240% to more than 4,000 megawatts by  2014.