The trading halt will be in place until the beginning of trade on Thursday, April 16, or when an announcement is released to the market, whichever occurs earliest.
Securities of the company, which has a market cap of approximately $91.6 million, last traded at 12 cents.
Panoramic recently closed out all 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 March 31, 2021, and final repayment due March 31, 2022.
There is no change to the existing $20 million facility, which is presently fully drawn.
$3.76 million share sale
The majority of the shares (17.18 million) will be sold to Zeta Resources Limited (ASX:ZER) at 20 cents each.
This share sale is subject to Panoramic shareholders’ approval, which Panoramic intends to seek as soon as possible.