PERTH (miningweekly.com) – Nickel miner Panoramic Resources has sold off a portion of its shareholding in fellow listed Horizon Gold.
The ASX-listed company on Tuesday told shareholders that it had sold more than 20.23-million Horizon shares at a price of 27c a share to Zeta Resources, raising some A$5.5-million.
The sales price represented a premium of 59% to Horizon’s last trading price on February 13, and a 54% premium to the company’s ten-day volume weighted average share price.
Following the transaction, Zeta now holds more than 35.6-million shares in Horizon, representing 46.57% of the ASX-listed company’s share capital, while Panoramic still holds more than 18.79-million shares, representing some 24.6% of Horizon’s share capital.
Panoramic noted that the proceeds from the sale would be used to fund ongoing working capital at its Savannah nickel mine, in Western Australia.