News: PAN Panoramic Resources updates on disposal agreement

Oct 21 (Reuters) - Panoramic Resources Ltd (PAN) :

• entered into an agreement with horizon gold under which co has effectively agreed to dispose of pan gold and project to horizon gold.
• acquisition agreement is conditional on horizon gold raising $15 million before costs by issuing 37.5 million shares at $0.40 per share
• Panoramic will hold 39 million shares in horizon gold (51%) after listing