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Panoramic divests of Horizon shares

18th February 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Nickel miner Panoramic Resources has sold off a portion of its shareholding in fellow listed Horizon Gold.

The ASX-listed company on Tuesday told shareholders that it had sold more than 20.23-million Horizon shares at a price of 27c a share to Zeta Resources, raising some A$5.5-million.

The sales price represented a premium of 59% to Horizon’s last trading price on February 13, and a 54% premium to the company’s ten-day volume weighted average share price.

Following the transaction, Zeta now holds more than 35.6-million shares in Horizon, representing 46.57% of the ASX-listed company’s share capital, while Panoramic still holds more than 18.79-million shares, representing some 24.6% of Horizon’s share capital.

Panoramic noted that the proceeds from the sale would be used to fund ongoing working capital at its Savannah nickel mine, in Western Australia.

Edited by Creamer Media Reporter

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