Panoramic mismanaged their company since 2009 when they were flush with abut $170M cash, were debt free and had two operating mines. They wasted shareholders funds on poor quality acquisitions such as Apex Gold, Matso, Magma Metals, and for the large parts the executive employees have been the only beneficiaries of Panoramic's operations. How they have got to this position is beyond belief.
Ann: Savannah Operations Update and Amendments to Project Loan, page-11
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