logo-loader
viewPanoramic Resources Ltd

Panoramic Resources sees off takeover from Independence Group

The off-market takeover bid has lapsed and Independence is no longer a substantial holder.

Panoramic Resources Ltd - Panoramic Resources sees off takeover from Independence Group
The company has raised $32.7 million in a rights issue

Panoramic Resources Ltd (ASX:PAN) has seen off the off-market takeover bid from Independence Group NL (ASX:IGO) with the offer having now lapsed.

The offer period closed at 7.00pm (AEDST) on Friday, January 17, 2020, and as a number of defeating conditions to the offer were not waived or satisfied at this time, the offer lapsed.

Independence Group has advised that Panoramic shareholders who accepted the offer will have their acceptances cancelled and will be free to deal with their Panoramic shares as they see fit.

As a result, Independence Group is no longer a substantial holder of Panoramic.

Rights issue

The nickel-copper-cobalt producer has recently raised $32.7 million in a one-for-six rights issue that saw shares issued at 30 cents.

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.

Loan to be paid

Proceeds have been earmarked as follows:

  • Repayment of the $10.5 million bridging loan from Zeta Resources;
  • Set up of paste fill infrastructure underground and decoupling the paste plant on the surface;
  • Continuing development and mining of the Savannah North ore body;
  • General operating costs associated with the Savannah project; and
  • Diamond drilling targeting the upper north crown of Savannah North.

Quick facts: Panoramic Resources Ltd

Price: 0.21 AUD

ASX:PAN
Market: ASX
Market Cap: $150.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Panoramic Resources Ltd named herein, including the promotion by the Company of Panoramic Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bull, Bears & Brokers: Shaw and Partner’s Davide Bosio talks about renewed...

Shaw and Partners WA state manager Davide Bosio updates Proactive Investors on renewed interest in the nickel sector following a positive trend in the metal price for the last few months, amid a supply shortage forecast. BHP Group Ltd (ASX:BHP), Minara Resources/Glencore PLC (LON:GLEN), First...

on 11/9/19

2 min read