Pacific American Coal to become major shareholder of Australian graphene producer

Pacific American Coal Limited (PAK) has accepted a Heads of Agreement (HoA) to become the biggest shareholder of Imagine Intelligent Materials (Imagine IM), Australia’s leading manufacturer of graphene-based coatings for industrial material.

Imagine IM is the first company in the world to make geomaterials using graphene, a material discovered in 2004 that is a strong conductor of heat and electricity, has high hydrophobicity and strength, and is impermeable to all gases.

The major terms of the HoA include PAK taking an underwritten cash placement of 33 million in new shares in PAK at a cost of 4.8c. This is to raise $1.58million to sophisticated and professional investors to fund both the underwritten placement costs and the initial acquisition. PAK will also acquire an initial 833 000 shares in Imagine IM at $1.50 per share.

When the initial acquisition is complete, PAK will then acquire a further 20% of Imagine IM.

Once the transaction is completed, Imagine IM will have two board directors nominated by PAK.

PAK believes that the proposed transaction will increase the scale of their activities. They are positive about their interests in Imagine IM and the direction their company is taking.