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Panax Geothermal To Update On Capital Raising Initiatives

Panax Geothermal (ASX: PAX) has gone into an ASX trading halt as it prepares to update the market on its capital raising initiatives and other corporate matters.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 19th February 2013.

The company had in its report for quarter ended 31 December 2012 maintained that there are no impediments or issues relating to the execution of the power purchase agreements for its Sokoria and Dairi Prima geothermal power projects.

It also continues to progress discussions with a number of interested parties, comprising predominantly Asian based financiers, and particularly so with one well known Asian based equity fund, in regards to project financing for the projects.

Panax had received a $308,000 Research and Development tax rebate credit in January 2013.

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