PERTH (miningweekly.com) – Nickel miner Panoramic Resources has completed the retail component of its one-for-six entitlement offer, launched in December last year.
The miner on Tuesday said that the retail entitlement offer closed on January 10, raising some A$19-million, at 30c a share, with eligible shareholders taking up 72.4% of the entitlements.
Panoramic’s largest shareholder, Zeta Resources, subscribed for its full entitlement of more than 38.3-million shares, representing some A$11.5-million of the capital raised.
Zeta has elected to set-off the amounts outstanding from Panoramic under a loan agreement against the application monies payable for the new shares, meaning that the shareholder has paid a residual sum of some A$0.76-million for its new shares.
At the close of the entitlement offer, Zeta’s shareholding in Panoramic equated to 35.21%.
Panoramic told shareholders on Tuesday that the 24.1-million new shares not taken up under the retail offer, along with the 8.3-million shares not taken up under the previously completed institutional entitlement offer, would now be issued to Morgans Corporate or sub-underwriters.
Panoramic raised some A$3.9-million under the institutional component of the entitlement offer, and raised a total of A$32.7-million under the completed entitlement offer.