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Eagle Nickel Limited (ENL)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Eagle Nickel Limited
Eagle Nickel Limited is an exploration company that initially targeted nickel but later expanded to into lead, zinc, lithium and phosphate exploration. Following a detailed review of the tenement portfolio including the surrender of tenure where further work was not warranted, the company has retained the Guano and Phosphate Projects in Western Australia.
In response to ongoing funding pressure, Eagle Nickel Limited entered into a share placement agreement with Shanghai Sky Chem Industrial Co. Ltd ("Shanghai Sky") whereby Shanghai Sky agreed to take a placement of shares equivalent to 51% of total issued capital in Eagle Nickel Ltd at A$0.02 per share subject to shareholder and regulatory approvals. The share placement will generate a total cash investment of A$1.3 million and will be executed in two tranches. Funds for the first tranche representing 15% of the total issued capital I Eagle Nickel has been received and is being held in trust.
A Notice of Meeting and supporting Explanation Memorandum for the required General Meeting (GM) to approve the second tranche and related resolutions was lodged with the Australian Securities Exchange on 29 February 2012. The GM is scheduled for 30 March 2012.
The Board of Eagle Nickel Ltd is unanimous in their view that the placement of shares to Shanghai Sky represents the best possible outcome for the company. The Directors intend to vote the shares they own in the company in favour of the placement and other proposed resolutions.
On 27 May 2010, Eagle Nickel entered into a Heads of Agreement with Golden Century Mining Ltd whereby Eagle Nickel could acquire 4 exploration tenements regarded as prospective for phosphate subject to and conditional upon the approval of Eagle Nickel shareholders. The consideration to be provided by Eagle Nickel was 7 million shares in Eagle Nickel and 7 million options exercisable at 20 cents on or before 1 May 2016. The transaction was approved by shareholders at a General Meeting held on 10 May 2011 and the shares and options were subsequently issued to Golden Century Mining Limited on 13 May 2011.
The Phosphate Project group of tenements covering a total of approximately 1,188km2 was comprised of 4 exploration licence applications; Wandagee (E09/1756) & Winning (E08/2120) approximately 150km and 200km northeast of Carnarvon respectively, Langley Crossing (E04/2022) approximately 40km south of Derby and Pillawarra Hill (E70/3847) approximately 20km north of Kalbarri. Wandagee (E09/1756) has since been surrendered. All three of the remaining tenements, E08/2120, E04/2022 and E70/3847 are currently granted.
On 27 May 2010, Eagle Nickel entered into a Heads of Agreement with Golden Century Mining Ltd whereby Eagle Nickel can acquire 2 offshore exploration tenements regarded as being prospective for accumulations of highly prized organic fertilizer subject to and conditional upon the approval of Eagle Nickel shareholders. The consideration to be provided by Eagle Nickel was 7 million shares in Eagle Nickel and 7 million options exercisable at 20 cents on or before 1 May 2016.
The transaction was approved by shareholders at a General Meeting held on 10 May 2011 and the shares and options were subsequently issued to Golden Century Mining Limited on 13 May 2011.
The Guano Project group of tenements is comprised of application E04/2007 (White Island) approximately 3km2 in size and covering a single unnamed island and application E04/2008 (Brunswick Bay) approximately 50km2 in size and covering 100% of West Montalivet, East Montalivet, Don & Patricia Islands and approximately 50% of Walker Island. The potential of both tenements continues to be assessed ahead of evaluating appropriate exploration methods and scheduling accessible times to visit, identify and quantify the presence of guano on the islands in question once the tenements have been granted.
Eagle Nickel Limited
231 Adelaide Terrace
+61 8 9225 4718
Fax: +61 8 9225 6474
The General Overview, Services, Products and Projects information for this profile was last edited on 03 Feb 2016.