Panoramic raises initial A$51.9m

2nd June 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed Panoramic Resources has completed the institutional component of its entitlement offer and an underwritten institutional placement, raising an initial A$51.9-million.

Panoramic last week announced plans for a A$90-million capital raise to de-risk the restart of its Savannah nickel mine, in Western Australia, and to fund project enhancement activities.

The company on Tuesday said that more than 410.1-million fully paid ordinary shares were issued under the institutional placement, at an issue price of 7c each, to raise A$28.7-million, while more than 331.8-million new shares were issued under the institutional entitlement offer, at 1.15-for-1, to raise a further A$23.2-million.

The institutional placement was made to fellow-listed nickel miner Western Areas, and gave the company a 19.9% stake in Panoramic.

Meanwhile, the retail entitlement offer opened on June 1, and will close on June 12.

The offer price of 0.7c a share represented a 41.7% discount to Panoramic’s last closing price on April 9, and a 21% discount to the company’s theoretical ex-rights price.