viewPanoramic Resources Ltd

Panoramic Resources closes all commodity and currency hedges, unlocks new funding

Panoramic updated the market last week outlining that its Savannah Nickel Mine is operating in-line with schedule.

Panoramic Resources Ltd - Panoramic Resources closes all commodity and currency hedges
The hedges were for nickel, copper and AUD/USD

Panoramic Resources Ltd (ASX:PAN) has closed out all of its hedges for a cost of around $10 million.

Hedges included 8,134 tonnes of nickel, 2,636 tonnes of copper and associated foreign exchange hedges.

As a result Macquarie Bank has now increased the existing credit facility by $10 million.

The new $10 million facility will have an interest margin of 15% per annum with the first repayment due 31 March 2021 and final repayment due 31 March 2022.

There is no change to the existing $20 million facility, which is presently fully drawn.

$3.76 million share sale

The closing of hedges follows recent news that Panoramic has agreed to sell 18.79 million shares that it holds in Horizon Gold Limited (ASX:HRN) for $3.76 million.

The majority of the shares (17.18 million) will be sold to Zeta Resources Limited (ASX:ZER) at 20 cents each.

The share sale is subject to Panoramic shareholders’ approval, which Panoramic intends to seek as soon as possible.

Quick facts: Panoramic Resources Ltd

Price: 0.072 AUD

Market: ASX
Market Cap: $108.37 m

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