THE BOURSE WHISPERER: Panoramic Resources (ASX: PAN) is selling its Panton PGM project and associated tenements to Dubai 2020 Limited, a private family office investor represented by CPS Capital Group.
Panoramic Resources explained the Agreement is consistent with the company’s stated intention to divest non-core assets and focus on its Savannah nickel project in Western Australia.
Panoramic will retain a 20 per cent free carried interest until any decision to mine.
This interest is subject to Dubai 2020 not exercising its right to acquire the remaining 20 per cent of Panton by a further $3 million payment to Panoramic.
“We are pleased to have progressed the sale of the non-core Panton asset as previously outlined,” Panoramic Resources managing director and CEO Victor Rajasooriar said in the company’s announcement to the Australian Securities Exchange.
“We now look forward to working with Dubai 2020 towards a successful completion of the sale of Panton in early December.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE