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R/€ = 20.54 Change: 0.00
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Real Economy News in Real Time
R/€ = 20.54 Change: 0.00
R/$ = 19.00 Change: 0.03
Au 1616.40 $/oz Change: 1.82
Pt 720.50 $/oz Change: -3.89
 
 
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Panoramic divests of Horizon shares

18th February 2020 BY: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia

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.

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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.

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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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