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.