Notably, Panoramic’s major shareholder Zeta Resources Ltd (ASX:ZER) subscribed for its full entitlement and will now hold 35.21% of the company.
Furthermore, Panoramic’s managing director and CEO Victor Rajasooriar committed to $250,000 of general sub-underwriting, with $45,000 of sub-underwriting from other directors.
Zeta’s loan to be paid
The proceeds of the capital raising were earmarked for the following:
- Repayment of the $10.5 million bridging loan from Zeta Resources Limited;
- Set up of paste fill infrastructure underground and decoupling the paste plant on the surface;
- Continuing development and mining of the Savannah North orebody;
- General operating costs associated with the Savannah Project; and
- Diamond drilling targeting the upper north crown of Savannah North.
Funding in place to realise long-term value of Savannah
Panoramic mined 129,522 tonnes of ore at 0.98% nickel, 0.57% copper and 0.05% cobalt from its flagship Savannah Project in Western Australia during the December quarter.
The Independence Group NL (ASX:IGO) unsolicited off-market takeover offer for Panoramic will lapse this Friday 17 January 2020.
Panoramic recently noted that it continues to provide due diligence access to third parties and remains in discussions around the potential for a transaction proposal.