Australia's Panoramic Resources tanks to record low on discounted placement

Panoramic Resources

27/07/2023 05:57

** Shares of Panoramic Resources  PAN.AX  tumble as much as
45.7% to A$0.05 to hit a record low
    ** Nickel miner raises A$40 mln ($27.28 mln) via placement
at A$0.05 per share, a discount of 45.7% to stock's closing
price of A$0.092 on July 24, when it last traded
    ** PAN looks to raise additional A$5 mln via share purchase
plan
    ** Says proceeds from capital raising will strengthen
balance sheet and remove short-term working capital pressures
    ** PAN currently down 39.1% at A$0.056, on track for its
worst session ever, if trends hold
    ** PAN tops losses on the ASX All Ordinaries index  .AORD 
    ** More than 44.8 mln shares change hands, vs 30-day average
volume of ~5.6 mln shares
    ** Stock down 47.4% YTD, as of last close
    
($1 = 1.4665 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))