Panoramic completes Canadian project sale

15th May 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Nickel miner Panoramic Resources has completed the sale of its Thunder Bay North project, in Canada, to Clean Air Metals, which was formerly known as Regency Gold Corp.

Panoramic in January inked a share purchase agreement for its subsidiary Magma Metals selling the asset for C$9-million in cash.

A deposit of C$250 000 was received on execution of the agreement and a further C$4.25-million on the closing, with the remaining C$2.25-million held in a trust by Panoramic’s Canadian lawyers pending the receipt of a clearance certificate as required under the Income Tax Act.

Panoramic on Friday said that the deferred consideration was due in three equal installments on the first, second and third anniversaries of the completion of the sale.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION