Panoramic Resources Limited (ASX:PAN) has closed its underwritten pro-rata renounceable entitlement offer of one new share for every thirteen at an issue price of 38 cents per new share, in an effort to raise about $14.48 million.
Panoramic received valid applications for entitlements totalling $11.58 million from shareholders and right holders, which represents about 78% of all shares offered.
The company received additional applications under the top-up facility for a further $1.29 million to give a total take-up of 87% of the offer.
The results of the offer are as follows:
The offer is fully underwritten by Hartleys Limited and the shortfall will be taken up under the terms and conditions of the underwriting agreement between the Panoramic and Hartleys.
Both the new and shortfall shares are expected to be issued on Tuesday April 16, with normal trading of the new shares expected to begin on Wednesday April 17, 2019.
The holding statements for the entitlement offer will be despatched to shareholders on Thursday April 18, 2019.