Panoramic completes $32m capital raising

Nickel miner Panoramic Resources has reported a 72 per cent take-up by shareholders for the retail component of its underwritten $32.7 million entitlement offer, helped by support from major shareholder Zeta Resources.

Zeta subscribed for its full entitlement of 38.3 million shares, equating to a contribution of $11.5 million.

As previously announced, most of this was offset against its loan to Panoramic, with Zeta paying a residual sum of $760,000.

Other shareholders subscribed for 25.1 million shares, equating to $7.5 million.

The 24.1 million shares not taken up under the retail entitlement offer, along with 8.4 million shares not taken up under an earlier institutional entitlement offer, will be issued to underwriter Morgans Financial.

Recently appointed managing director Victor Rajasooriar has committed to $250,000 of sub-underwriting while other directors committed to $45,000.

Panoramic shares closed fractionally lower today at 29.7 cents, just below the 30 cents per share pricing of the entitlement offer.

Its shares briefly traded as high as 40 cents just before Christmas but fell sharply after Independence Group said it would allow its takeover offer to lapse.

Panoramic’s board and Zeta both opposed the takeover.