Battle-scarred Pan Pacific Aggregates (PPA) says it should start granite production before January after raising £1.1 million at a discounted 0.5p.
Based in British Columbia and quoted on AIM, PPA, which is emerging from a series of setbacks and upheavals, is now in a position to move its Pumptown granite quarry into production this quarter, declares managing director William Voaden. KC Investments, a vehicle for City dealer Keith Catchpole, has taken nearly a fifth of the placing and VSA Capital, an investment firm headed by Voaden, has been granted warrants to subscribe for 0.7 per cent of the enlarged capital at 0.5p over three years.
Floated in 2005 at 88p, PPA shares collapsed all the way to 0.25p after its original project ran into local opposition and then Pumptown was bedevilled with logistical and infrastructure problems and the company fell out with its local partners. These hurdles have mostly now been overcome and PPA directors talk of target production of one million tonnes a year from Pumptown, with hoped-for gross margins of 2.65p a tonne and a chance to supply regional infrastructure projects, some related to the 2010 Vancouver Winter Olympics.
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