Panoramic Resources Limited (
ASX: PAN, Panoramic or
Company) wishes to remind eligible shareholders that the
Closing Date, to take-up the opportunity to acquire new fully paid ordinary shares in the Company (
New Shares) through the fully underwritten pro-rata renounceable entitlement offer of one (1) New Share for every seven (7) Shares at an issue price of 34 cents per New Share to raise approximately $20.9 million (before costs) (
the Offer),
is 5.00pm (WST) on Wednesday, 21 February 2018. The Offer was announced on 24 January 2018 and the trading of entitlement rights (ASX Code: PANRA) ended on 14 February 2018. The Closing Date will not be extended.
The details of the Offer are contained in the Offer Booklet, including arrangements for eligible shareholders to acquire additional New Shares under a Top-Up Facility, can be accessed on the Company’s web-site at
www.panoramicresources.com. Funds raised from the Offer are primarily to be used for critical-path pre-production activities to reduce the lead time for a restart of the Savannah Nickel Project, exploration near the Savannah mine, general corporate expenses and to provide working capital.
For further information, please contact:
Peter Harold or Trevor Eton
T: +61 8 6266 8600
About the Company
Panoramic Resources Limited (
ASX code: PAN) is a Western Australian mining company formed in 2001 for the purpose of developing the Savannah Nickel Project in the East Kimberley. Panoramic successfully commissioned the $65 million Savannah Project in late 2004 and then in 2005 purchased and restarted the Lanfranchi Nickel Project, near Kambalda. In FY2014, the Company produced a record 22,256t contained nickel and produced 19,301t contained nickel in FY2015. The Lanfranchi and Savannah Projects were placed on care and maintenance in November 2015 and May 2016 respectively.
Following the successful development of the nickel projects, the Company diversified its resource base to include platinum group metals (PGM) and gold. The PGM Division consists of the Panton Project, located 60km south of the Savannah Project and the Thunder Bay North Project in Northern Ontario, Canada, in which Rio Tinto is earning 70% by spending up to C$20 million over five years. Following the ASX listing of Horizon Gold Limited (ASX Code: HRN) in December 2016, the Company’s interest in gold consists of an indirect investment in the Gum Creek Gold Project located near Wiluna through its 51% majority shareholding in Horizon.
Panoramic has been a consistent dividend payer and has paid out a total of $114.3 million in fully franked dividends between 2008 and 2016. At 31 December 2017, Panoramic had $5.7 million in available and restricted cash and no bank debt.
The Company’s vision is to broaden its exploration and production base, with the aim of becoming a major, diversified mining company in the S&P/ASX 100 Index. The growth path will include developing existing resources, discovering new ore bodies, acquiring additional projects and is being led by an experienced exploration-to-production team with a proven track record.
