Adm Energy Regulatory News (ADME)

15 May 2007 09:42

Pan Pacific Aggregates PLC15 May 2007 Pan Pacific Aggregates plc 15th May 2007 Pan Pacific Aggregates completes convertible loan note funding. Pan Pacific Aggregates plc (AIM:PPA) (the "Company") is pleased to announce thecompletion of its funding through RAB Capital plc the provisions of which shouldcover all working capital requirements for the next 2 years. This includes thecompletion of the permitting work, the additional drilling campaign for bothyears and other working capital requirements during that period. The funding isthrough a series of convertible loan notes as set out in the press release dated10 April 2007. The applications for the large producer permit and environmental certificate areon schedule for submission in the third quarter of this year which includes thedefinition of the call in by the Federal Government on two particular aspects ofthe proposed development. The Company is also pleased to announce that it has embarked on a projectfeasibility study which defines the conceptional layout of the proposed quarryand tests the economics of the project. The Company expects to announce theresults of the feasibility study during the third quarter of this year. Chairman Don Nicholson states "we are pleased with the progress that has beenmade during the last twelve months not only for the drilling program but also onthe permitting applications of environmental certificate and large producerpermit. The additional funding from RAB Capital plc allows the Company to planits activities over the next 2 years in a sector which is currently enjoyinggood market conditions." Enquires: Pan Pacific Aggregates plcWilliam VoadenChief Executive Officer Tel: 020 7628 3989 Insinger de BeaufortPeter Ward/Joe Lunn Tel: 020 7190 7000 This information is provided by RNS The company news service from the London Stock Exchange