PANORAMIC RESOURCES LIMITED
The key terms of the Zeta Loan Facility are as follows: Principal amount of
Interest rate of 6% per annum.
The loan is unsecured and subordinated to the
The loan has a maturity date of
Approximately
Panoramic to issue options (Options) to Zeta or its nominee, subject to Panoramic shareholder approval and Zeta or its nominee (as applicable) obtaining FIRB approval, as follows
If the Horizon Share Sale is approved by Panoramic shareholders: 28,520,525 Options
If the Horizon Share Sale is not approved by Panoramic shareholders (such that the Horizon shares are retained by Panoramic): 50,000,000 Options
Option expiry: 3 years from date of issue
Option strike price:
Unless otherwise agreed, Panoramic will seek shareholder approval for the Horizon Share Sale and issue of Options between 1 June and
Amounts outstanding (together with any interest accrued and 'make-whole' payments) under the Zeta Loan Facility are repayable on the occurrence of certain events, including on the earlier of: a change of control in the Company (being someone obtaining voting power of more than 50% and if there is a bid it becomes unconditional, or a scheme becomes effective); the occurrence of an event of default (which are limited to breaches of obligations, representations and warranties, and insolvency events).
Panoramic advises that Macquarie has provided consent, under the Company's existing Senior Secured Debt Facility with Macquarie, in connection with the Zeta Loan Facility (Senior Lender Consent). The Senior Lender Consent contains customary terms, including restrictions on repayment of the Zeta Loan Facility ahead of Macquarie.
Managing Director and CEO, Mr
Contact:
Tel: +61 8 6266 8600
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