Uncertain future for Panax

Geothermal developer Panax may have to fold unless it raises further capital, the company has said.
Panax, which this week reported a half-yearly net loss of $1.08 million, says it is pursuing a number of capital raising options to secure its future.
However, the company says that should it not be successful in raising more funds, “there is uncertainty as to whether the group will be able to continue to operate as a going concern.”
Based in Brisbane, the main Panax project is the Penola project in the south-east of South Australia, along with interests in the Cooper Basin in outback SA.
The company is also attempting to develop some projects in Indoneisa, and has been working with Canadian-based Molten Power Corporation, despite a heads of agreement between the two lapsing in February.