Panoramic Resources

A$90m equity raising, including $29m strategic investment

May 2020

On 25 May 2020, Panoramic Resources Limited ("Panoramic") announced a fully underwritten institutional Placement and accelerated non-renounceable Entitlement Offer to raise approximately A$90m (collectively the "Offer"). As part of the Offer, established ASX-listed nickel producer Western Areas Limited will make a strategic cornerstone investment in Panoramic up to $29m via participation in the Placement and as sub-underwriter of the Entitlement Offer, resulting in a pro-forma shareholding of up to 19.9%.

The Offer was priced at A$0.07 per share, representing a 42% discount to the last closing trading price of A$0.12 and 21% discount to TERP of A$0.09. Funds raised from the Offer will be used to repay Panoramic’s existing secured and subordinated debt facilities and creditors, as well as fund initiatives designed to de-risk the restart of the recently suspended Savannah nickel-copper mine ("Savannah").

Panoramic is an ASX-listed Western Australian mining company which 100% owns the Savannah nickel, copper and cobalt mine located in the East Kimberley region of Western Australia. Panoramic has been producing from Savannah since 2004 and is currently focused on the development of the Savannah North orebody, which was discovered in 2014.

Azure acted as financial adviser to Panoramic on the Offer, including providing valuation, structuring and strategic advice, conducting the process to secure the strategic investor, negotiating relevant transaction agreements, assisting with preparation of disclosure materials, and overseeing the appointment of lead managers to the Offer.