logo-loader
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

ASX:PAN
Market: ASX
Market Cap: $108.37 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