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Panoramic Resources halted pending financial and operational update

The company recently updated the market outlining that its Savannah Nickel Mine is operating in line with schedule.

Panoramic Resources Ltd - Panoramic Resources in trading halt ahead of financial and operational update
Panoramic operates an underground nickel sulphide mine and processing plant in the East Kimberley region of Western Australia

Panoramic Resources Ltd (ASX:PAN) has been granted a trading halt by the ASX with an announcement pending in regard to an update on financial and operational matters.

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.

Hedges close

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

Closing of hedges follows recent news that Panoramic has agreed to sell 18.79 million shares that it holds in Horizon Gold Ltd (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.

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

Quick facts: Panoramic Resources Ltd

Price: 0.11 AUD

ASX:PAN
Market: ASX
Market Cap: $225.6 m
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