Panoramic raises cash
PERTH (miningweekly.com) – Base metals miner Panoramic Resources is hoping to raise A$28.2-million through a fully underwritten 2-for-11 pro-rata renounceable entitlement offer to repay debt and supplement revenue shortfall from lower-than-expected production at its Savannah project, in Western Australia.
The entitlement offer will be priced at 28c a share, representing a 17.6% discount to Panoramic’s last closing price on September 2, and an 18.6% discount to the ten-day volume weighted average share price.
Panoramic’s major shareholder Zeta Resources has committed to take up its whole entitlement under the offer, amounting to more than 33.23-million shares for a total investment of A$9.3-million, and has provided general sub-underwriting for a further 10-million shares at a value of A$2.8-million.
The ASX-listed company on Thursday told shareholders that the entitlement offer has been fully underwritten by Morgans Corporate.
Panoramic earlier this week revised its production targets for the 2020 financial year after its Savannah operation failed to meet production targets in both July and August.
The company also amended an existing financing agreement over the Savannah project, with Macquarie Bank, reducing the current A$40-million outstanding debt to A$20-million, which will be funded by way of an equity raising.
The repayment schedule for the remaining debt has also been adjusted with the first repayment date being deferred by one quarter, until the end of September 2020, with the final repayment deferred until the end of March 2022.
Furthermore, the project’s minimum liquidity has been reduced from A$7.5-million to nil.
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