Western Areas becomes Panoramic cornerstone shareholder

NICKEL miner Western Areas has ridden to the rescue of troubled rival miner Panoramic Resources, taking a cornerstone 19.9% stake in the company as part of a fully-underwritten A$90 million raising.

Western Areas becomes Panoramic cornerstone shareholder Western Areas becomes Panoramic cornerstone shareholder Western Areas becomes Panoramic cornerstone shareholder Western Areas becomes Panoramic cornerstone shareholder Western Areas becomes Panoramic cornerstone shareholder

Western Areas is backing Panoramic's restart plans.

The capital program is underwritten by Canaccord Genuity and Morgans Corporate, and is split between a $29 million placement to Western Areas and $61 million retail entitlement offer.
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