Panoramic Resources Ltd (ASX:PAN) (FRA:YM1) has completed the institutional component of its conditionally underwritten 1 for 6 accelerated, $6.4 million non-renounceable entitlement offer, raising approximately $3.9 million.
The remaining $2.5 million shortfall settlement is subject to shareholder approval if it continues to be required.
This offer at a price of 30 cents per share has had strong support from institutional shareholders with an approximate take-up of 61% of the new shares offered.
Major shareholder Zeta Resources Ltd (ASX:ZER) has committed to take up its pro-rata entitlement subject to applicable laws with this participation to settle on the retail component of the entitlement offer.
Eligible retail shareholders will be invited to participate in a retail entitlement offer at the same offer price and offer ratio as the Institutional Entitlement Offer.
This Retail Entitlement Offer will open on December 12 and close at 5pm (Perth time) on December 23, 2019, unless extended.
The number of new shares to be offered under the retail offer is around 87.67 million shares.
Zeta has committed to subscribe for its full entitlement of approximately $11.5 million through the Retail Entitlement Offer, subject to applicable laws.
Morgans has committed to underwrite the full amount to be raised under the entitlement offer with the settlement of the shortfall conditional on shareholder approval if required.
Panoramic’s managing director and CEO Victor Rajasooriar has committed to $250,000 of general sub-underwriting, with $45,000 of sub-underwriting from other directors.