Panoramic raises cash

Base metals miner Panoramic Resources is hoping to raise A$28.2-million through a fully underwritten 2-for-11 pro-rata renounceable entitlement offer to repay debt and supplement revenue shortfall from lower-than-expected production at its Savannah project, in Western Australia. The entitlement offer will be priced at 28c a share, representing a 17.6% discount to Panoramic’s last closing price on September 2, and an 18.6% discount to the ten-day volume weighted average share price.