PERTH (miningweekly.com) – The share price of ASX-listed Panoramic Resources rose by nearly 11% on Tuesday after the company announced that it was now debt free.
The company has told shareholders that subsidiary Savannah Nickel Mines had full repaid a A$25-million debt facility from Macquarie Bank, while the miner has also repaid the principal and accrued interest of a subordinated debt facility with Zeta Resources, of which the final payment was approximately A$8.1-million.
The facility repayments were made from the proceeds of a share placement and institutional entitlement offer, which had raised some A$90-million.
Meanwhile, Panoramic shareholders are scheduled to meet on June 29 to vote on the sale of some 17.2-million shares in junior Horizon Gold to Zeta Resources for approximately A$3.4-million, while the company would also seek shareholder approval to issue options to Zeta under an A$8-million subordinated facility.
If the Horizon share sale is approved, Zeta will transfer the sale proceeds to Panoramic.
Panoramic shares were trading at a high of 8.8c on Tuesday, up from a low of 7.9c.