Equity raising to recapitalise Panoramic, de-risk the restart of the Savannah Nickel Mine and fund project enhancement initiatives.
Fully underwritten institutional placement and 1.15-for-1 entitlement offer to raise up to approximately A$90 million.
Western Areas Limited to take a strategic investment in Panoramic resulting in a pro-forma shareholding of up to 19.9%.
New Shares to be issued at A$0.07 per share.
Facilitates reinstatement to official quotation on the ASX (pending successful completion of the institutional placement and institutional component of the entitlement offer).
Offer proceeds (after costs) to be used for the repayment of Panoramic's debt facilities, payment of creditors and general working capital, care and maintenance costs, key development activities at Savannah and targeted exploration.
Nick Cernotta appointed Independent Non-Executive Chairman, Peter Sullivan to remain Non-Executive Director
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