Panoramic shakes the tin
PERTH (miningweekly.com) – Base metals developer Panoramic Resources has received firm commitments for an initial A$5-million capital raise, and has announced a 1-for-13 pro-rata renounceable entitlement offer to raise a further A$14.8-million.
Panoramic last week revealed the need to raise at least A$19-million as part of amendments to its current financing agreement over the Savannah project, after a slower-than-expected ramp-up.
The ASX-listed company on Monday said that an initial 13.16-million shares will be placed to institutional and sophisticated investors, priced at 38c each, to raise the initial A$5-million.
The company was also offering eligible shareholders the opportunity to take part in a 1-for-13 entitlement offer, also priced at 38c each, to raise a further A$14.84-million.
The offer price represented a 17.4% discount to Panoramic’s last closing price of 46c a share.
Panoramic noted that shareholder Zeta Resources has provided a partial commitment to follow its rights under the entitlement offer, and to provide a sub-underwriting of A$4.6-million. A second tranche placement to Zeta of up to 6.84-million new shares, to raise up to A$2.6-million, will be subject to shareholder approval.
The funds raised will be used to ramp up production at Savannah and expedite the development drive to the higher-grade Savannah North orebody, while also satisfying the minimum liquidity requirements of the facility agreement, and to replenish funds used to undertake a short-term nickel put option price protection programme.
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