Global Nickel IPO and JV
Posted: 3 July 2007
Global Nickel Investments Limited today announced a $3 million Initial Public Offer and plans to explore prospective nickel and gold targets in Western Australia in a joint venture with Cazaly Resources Limited.
Global Nickel has lodged a prospectus with the Australian Securities and Investments Commission and is expected to list on the Australian Securities Exchange in early August.
The Perth-based company will acquire a 70 per cent stake in each of four nickel-gold projects owned by Cazaly Resources in the south-central region of WA, and will be operator of the exploration joint venture.
Managing Director, Mr Andrew Mortimer, said Global Nickel’s ambition was to build a world class portfolio of nickel assets, one of the most highly sought metals at the present time.
“Under-investment and lack of exploration has limited nickel supply over the past five years and we are delighted to have acquired these highly prospective tenements from Cazaly Resources,” Mr Mortimer said today.
Cazaly Resources Managing Director, Mr Nathan McMahon, said Global Nickel’s management team brought strong exploration and corporate experience to the joint venture.
“Cazaly has retained a 30 per cent stake in the Jutson Rocks, Cosmos North, Forrestania and Bandalup projects and looks forward to the commencement of an active exploration program,” Mr McMahon said.
IPO details
Global Nickel is offering 15 million shares at an issue price of 20 cents a share to raise $3 million.
Total shares on issue at listing will be 23.9 million shares, valuing Global Nickel at listing at $4.78 million.
Global Nickel’s IPO is scheduled to open on 9 July 2007 and to close on 27 July 2007 with listing on the ASX expected around 9 August 2007.
Shareholders registered three months after the ASX listing will be offered non-renounceable options on a one-for-one basis at an issue price of one cent and an exercise price of 20 cents a share.
Global Nickel’s IPO is not underwritten and over-subscriptions will not be accepted.
Posted by Richard Price, Editor, EnergyME.com
Information supplied by companies or PR agencies who are responsible for content.
Send press releases to richard@energyme.com
|
