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BRIEF-Panoramic Resources Says Savannah Project Is Quality & Strategic Asset

Published 14/11/2019, 11:54 am
BRIEF-Panoramic Resources Says Savannah Project Is Quality & Strategic Asset
PAN
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Nov 14 (Reuters) - Panoramic Resources Ltd PAN.AX :

* 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

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