Panoramic Resources opts for capital raising while Savannah Project misses targets

• Nickel producer Panoramic Resources came off a trading suspension today, hit by a 19.5 per cent downgrade to its share price by midday trade
• The company provided an update on its Savannah Nickel Project, stating the recently restarted mine site commence mining later this month with production to start in the 2020 June quarter
• As a consequence of transitional stoppages and equipment issues, the project will not meet previously forecast expectations
• Panoramic fought a hostile takeover from Independence Group last week and has since seen its major shareholder Zeta Resources snub the $312 proposition, with Zeta claiming short-term issues undervalued the project site
• With the mine site now sailing under previous production predictions, new Chief Executive Victor Rajasooriar says the company will undergo a capital raising
• Shares in Panoramic are trading lower by 13.8 per cent on the ASX for 37.5 cents each

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