Lanfranchi Sale Completed

Highlight

• Settlement completed on the sale of the Lanfranchi Nickel Project to Black Mountain Metals LLC

 
Details
On 13 September 2018, Panoramic Resources Limited (“Panoramic” or the “Company”) announced that the Company had agreed to sell the Lanfranchi Nickel Project to a wholly owned subsidiary of Texas-based Black Mountain Metals LLC (“Black Mountain”) for a total cash consideration of A$15.1 million.
Under the terms of the Sale and Purchase Agreement (“SPA”), Black Mountain paid a deposit of A$1.51 million, with A$11.99 million payable upon completion.

The Company is pleased to advise that all conditions precedent to the sale have been satisfied or waived and final settlement has been concluded with Black Mountain with the payment of A$11.99 million being received by the Company.

Panoramic will receive a deferred cash consideration of A$1.6 million to be paid in 12 equal monthly instalments, commencing from the date that is 14 days from the first supply of ore under the current contract with BHP Nickel West Pty Ltd, the processing of ore in another commercial capacity or 1 January 2021, whichever is earlier.

The Company is delighted that Black Mountain has concluded this transaction and wishes Black Mountain every success with the Lanfranchi Nickel Project.

For further information contact:

Peter Harold, Managing Director
+61 8 6266 8600