- Panoramic Resources (PAN) has pocketed an additional C$3.75 million (around A$3.96 million) from the sale of its Thunder Bay North Project in Ontario to Clean Air Metals last year
- Panoramic is a Western Australian company, which owns the Savannah Nickel Project in the East Kimberly
- The explorer sold Thunder Bay North in 2020 for a consideration of C$9 million (roughly $A9.51 million)
- Following receipt of a clearance certificate, PAN’s lawyers have transferred the company C$2.25 million (around A$2.38 million) that was being held in trust
- Clean Air has also paid the first deferred instalment of C$1.5 million
- PAN will use the funds as working capital for exploration at Savannah in FY22
- Panoramic Resources shares are up 3.33 per cent to 15.5 cents each
Panoramic Resources (PAN) has pocketed an additional C$3.75 million (around A$3.96 million) from the sale of its Thunder Bay North Project in Ontario to Clean Air Metals last year.
Panoramic is a Western Australian company, which owns the Savannah Nickel Project in the East Kimberly.
The explorer sold Thunder Bay North to Clean Air, formerly Regency Gold, via a share purchase agreement for a consideration of C$9 million (roughly $A9.51 million).
Following the transaction, and up until recently, the company’s lawyers held C$2.25 million (around A$2.38 million) in trust, as required under Canada’s Income Tax Act.
The latest influx of funds comes after PAN received a clearance certificate relating to the first deferred consideration instalment payment of the Thunder Bay North sale.
It means the C$2.25 million held in trust has since been transferred to Panoramic, alongside the first C$1.5 million deferred consideration instalment from Clean Air Metals.
PAN says the payments will provide additional working capital to support exploration planned at Savannah in financial year 2022.
Two further deferred consideration payments of C$1.5 million are due in May next year and then in 2023.
On the market this morning, Panoramic Resources shares are 3.33 per cent higher, trading at 15.5 cents at 11:43 am AEST.