Nov 14 (Reuters) - Panoramic Resources Ltd (PAN) : SAVANNAH...

Nov 14 (Reuters) - Panoramic Resources Ltd (PAN) :

• SAVANNAH PROJECT, INCLUDING SAVANNAH NORTH OREBODY, IS A QUALITY, STRATEGIC ASSET
• FY2020 PRODUCTION GUIDANCE PREVIOUSLY ANNOUNCED ON 3 SEPTEMBER 2019 WILL NOT BE MET
• BELIEVES THERE IS NEED TO RAISE ADDITIONAL FUNDS TO MAINTAIN AN APPROPRIATE WORKING CAPITAL POSITION
• SHAREHOLDERS CONTINUE TO BE ADVISED TO TAKE NO ACTION IN RELATION TO IGO OFFER
• MINING OF DEVELOPMENT ORE AT SAVANNAH SCHEDULED TO BEGIN LATER THIS MONTH, STOPING ORE TO BE PRODUCED FROM MARCH 2020 QUARTER
• ASSESSING A RANGE OF FUNDING OPTIONS, HAVING REGARD TO TERMS OF ITS EXISTING SAVANNAH FACILITY AGREEMENT WITH MACQUARIE BANK
• ANTICIPATES MOST EQUITABLE APPROACH TO MEETING FUNDING REQUIREMENT IS LIKELY TO INVOLVE AN ENTITLEMENT OFFER OF ORDINARY SHARES
• SHAREHOLDERS CONTINUE TO BE ADVISED TO TAKE NO ACTION IN RELATION TO IGO OFFER
• NICKEL MARKET HAS POSITIVE OUTLOOK IN BOTH SHORT-TERM AND IN MEDIUM-TERM
• NICKEL MARKET HAS POSITIVE OUTLOOK DUE TO TIGHTENING NICKEL SUPPLIES IN SHORT-TERM & EXPECTED DEMAND GROWTH FOR BATTERY METALS
• ANTICIPATES EQUITABLE APPROACH TO MEETING SHORT-TERM FUNDING REQUIREMENT LIKELY TO INVOLVE ENTITLEMENT OFFER OF ORDINARY SHARES