Panoramic Resources Ltd
Panoramic Resources Ltd (ASX:PAN) is an S&P/ASX All Ordinaries base metal mining and exploration company with a high quality of expertise in nickel, copper and cobalt sulphide projects.
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Panoramic Resources closes all commodity and currency hedges, unlocks new funding
Panoramic Resources Ltd (ASX:PAN) has closed out all of 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 31 March 2021 and final repayment due 31 March 2022.
There is no change to the existing $20 million facility, which is presently fully drawn.
$3.76 million share sale
The closing of hedges follows recent news that Panoramic has agreed to sell 18.79 million shares that it holds in Horizon Gold Limited (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.
The share sale is subject to Panoramic shareholders' approval, which Panoramic intends to seek as soon as possible.
Other Panoramic Resources Ltd news
- Panoramic Resources awards underground mining contract for Savannah Nickel Mine
2020-01-30 - Panoramic Resources raises $32.7 million in rights issue
2020-01-15 - Panoramic Resources to raise $31 million from entitlement offer; board recommends rejection of IGO takeover bid
2019-12-05 - Panoramic Resources eyes ramp-up in production underpinned by new Savannah North deposit
2019-12-04 - Panoramic Resources extends management agreement with Horizon Gold
2019-11-26
