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Panoramic Resources Ltd Announces Capital Raising To Accelerate Nickel Exploration

Monday, 4 Nov 2013 05:20pm EST 

Panoramic Resources Ltd announced that it has received commitments from domestic and international institutions and sophisticated investors to raise $15.12 million before costs. The funds will be received in two tranches: Tranche 1 will raise $8.586 million and has been carried out under the 15% placement provisions (under ASX Listing Rule 7.1). A total of 31.8 million new ordinary shares will be placed at $0.27 per share, a 10% discount to the Company‚Äôs 30 day VWAP immediately prior to the trading halt; Tranche 2 will raise an additional $6.534 million, also at $0.27 per share. All new shares, once issued, will rank pari passu with existing Ordinary Shares. Petra Capital and Azure Capital have been appointed Joint Lead Managers. The Company wishes to reward existing shareholders for their ongoing support and invite them to participate through an SPP that will be capped at $10 million. Under the proposed SPP, shareholders will be able to subscribe for up to $15,000 worth of shares in the Company. The Company reserves the right to place any shortfall in the SPP. The new shares under the SPP will be issued at $0.27 per share, the same price as the Placement. The majority of funds raised from the Placement and SPP will be used to accelerate the Company's nickel exploration programs with a focus on extending mine life. The balance of funds will be used for nickel production efficiencies, gold and PGM project studies and for general working capital purposes. 

Company Quote

0.0050 +1.18%
26 Nov 2014