https://www.theaustralian.com.au/business/dataroom/panoramic-equi...

https://www.theaustralian.com.au/bu...t/news-story/6f479a174d83c52cd74c1a18e0a5b4e1

Panoramic equity raising imminent


Panoramic Resources' Savannah mine in the East Kimberley region of WA.

• By BRIDGET CARTER
  DATAROOM EDITOR
  @BridgetCarterb
• 9:00PM JULY 25, 2023

Panoramic Resources is understood to be set to announce its equity raising plans by the end of the week, with the stock in a trading halt on Tuesday pending an announcement.

It comes after DataRoom reported on Monday that the country’s only pure play nickel producer was looking to tap the market through broker Canaccord. The understanding is that the group is looking for about $40m and Azure Capital is also involved.

Panoramic told the market that its securities would remain in a halt until Thursday or when an announcement was released to the market about a potential capital raising.

As reported by this column on Monday, the company is under pressure to repay lender Trafigura and has faced operational issues with its Savannah Nickel Project in Western Australia.

IGO has 21 per cent of the company, after inheriting that through its acquisition of Western Areas, so it will be interesting to see how its involvement plays out.

Panoramic’s shares last traded at 9.2c.

Zeta Resources, backed by well-known investor Duncan Saville, also has 13.1 per cent in the stock, and some question whether he will support a raise.