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Panoramic raising A$22.4M for Savannah nickel mine ramp-up

Panoramic Resources Ltd. said March 11 that it is raising up to A$22.4 million, including a placement of 13.16 million shares at 38 Australian cents to raise about A$5 million.

The company is also launching an entitlement issue of 1 share for every 13 shares held by eligible shareholders on March 21, also at 38 cents per share, to raise about A$14.8 million.

The placement is expected to settle on March 18.

A major shareholder, Zeta Resources Ltd., has provided a partial commitment to the company under the entitlement offer as well as sub-underwriting amounting to A$4.6 million.

A second tranche placement to Zeta of up to 6.84 million shares at a price of 38 cents to raise up to about A$2.6 million will be made subject to shareholder approval and may be scaled back to ensure that Zeta's voting power in the company does not exceed 33.15%.

The company said the proceeds will be used to provide working capital to expedite development and ramp up production from the Savannah nickel project in Western Australia, to satisfy minimum liquidity requirements under the Savannah facility agreement with Macquarie Bank Ltd., to replenish funds utilized to undertake a short-term nickel put option price protection program, and for general corporate and capital raising costs.