Panoramic Resources Launches Fully Underwritten $28.2 Million Capital Drive

Panoramic Resources Ltd (ASX:PAN) (FRA:YM1) (OTCMKTS:PANRF) securities returned to the bourse today after the company launched a $28.2 million capital raising drive designed to reduce debt levels by $20 million. 

In a fully underwritten pro-rata renounceable entitlement offer, the company is offering two new placement shares to its investors for every 11 shares held. 

Panoramic has priced the shares at 28 cents each, a 17.6% discount to the 34-cent last closing price before a voluntary trading halt in the company’s securities this week.

The 28-cent pricing is an 18.6% discount to the 10-day volume-weighted average price on Monday.