Panoramic seeks A$25m to accelerate WA exploration
PERTH (miningweekly.com) – Nickel miner Panoramic Resources is looking to raise more than A$25-million to fast-track nickel exploration at its Savannah and Lanfranchi operations, in Western Australia.
The miner said on Tuesday that the first A$15.12-million would be raised through a two-tranche placement to new and existing institutions and to other sophisticated investors. A further A$10-million would be raised through a share purchase plan (SPP).
The first tranche of the placement would raise some A$8.5-million, and would be carried out under the company’s 15% placement capacity. Under this tranche, 31.8-million new shares would be placed, at 27c each.
The second tranche would raise an additional A$6.5-million, also at 27c per share, with the placement subject to shareholder approval.
Under the proposed SPP, existing shareholders would be able to subscribe for up to A$15 000 worth of shares, also at an issue price of 27c a share.
Panoramic said the majority of the funds raised would be used to accelerate exploration programmes at the Western Australian operations, with a view to extending the mine life.
The balance of the funds would be used for nickel production efficiencies, gold and platinum group metal project studies, and for working capital.
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