Panoramic Resources Limited’s A$90 Million Equity Raising

Ashurst has advised Western Areas Ltd on the transaction.

Western Areas acquired a 19.9% interest in Panoramic Resources Limited through participation as the cornerstone investor in respect of Panoramic’s A$90 million equity raising.

Western Areas’ participation in the Offer delivers a strategic stake in Panoramic and provides Western Areas with exposure to the future restart of the Savannah Project. In addition, the investment is strategically aligned with Western Areas’ existing nickel portfolio and investment objectives.

The equity raising is fully underwritten by Canaccord Genuity (Australia) Limited and Morgans Corporate Limited.

Western Areas has agreed to cornerstone the equity raising, via its participation in the institutional placement, and to partially sub-underwrite the retail component of the entitlement offer. On conclusion of the equity raising, Western Areas expects to hold an interest of 19.9% in Panoramic, for total cash consideration of approximately $28.6 million.

Western Areas also has the right (but not the obligation) to appoint a nominee director to the Panoramic Board to replace an existing director. In addition, Western Areas and Panoramic will form a technical committee comprised of representatives to provide technical assistance to Panoramic’s Savannah Project.

The Ashurst team was led by partners Roger Davies (Picture), Antonella Pacitti and lawyer Jacob Carmody.

Involved fees earner: Jacob Carmody – Ashurst; Roger Davies – Ashurst; Antonella Pacitti – Ashurst;

Law Firms: Ashurst;

Clients: Western Areas;

Author: Michael Patrini