Continental Nickel (CNI) is currently applying to list IMX’s 100% owned Nachingwea Nickel – Copper property in Tanzania on the Toronto Venture Exchange in Canada.
The CNI board is well respected, drawing on the experience of the ex Falonbridge management team in nickel in Africa. CNI has a well funded and focused management team, focusing on Nachingwea as the lead project.
In May 2007, CNI filed a preliminary prospectus with the Ontario Securities Commission in Canada to list on the TSX Venture Exchange (TSXV). Through the preliminary prospectus, CNI is seeking to raise, including the IMX’s shareholder priority pool of Cdn$3.85 million, between Cdn$13.5 million and Cdn$16.5 million (A$15.1 million to A$18.5 million)..
On completion of the IPO, and assuming overallotments and warrants are exercised, IMX will retain 51% of CNI. IMX will also retain a 30% free carried interest in the joint venture company, where there is a commitment for CNI to use its best endeavours to complete a Cdn$8 million exploration program within two years.
By funding exploration through to the completion of a feasibility study, CNI can earn an additional 5% of the joint venture company, and a further 5% by spending Cdn$15m within the Nachingwea tenements.
CNI’s work program in their prospectus estimates that Cdn$9.5 million (A$10.6 million) of the IPO proceeds will be committed to a major exploration program at Nachingwea targeted at significantly extending the previously discovered nickel – copper sulphide mineralisation. The highlight of the 2006 drilling was the intersection of 3m at 11.23% Ni and 1.74% Cu including 1.70m at 15.87% Ni and 2.61% Cu (ASX release 17 July 2006).
|
From |
Width |
Ni |
Cu |
Pt |
Pd |
|
71.59m |
3.00m |
11.23% |
1.74% |
0.32g/t |
0.23g/t |
|
incl 71.59m |
1.68m |
15.87% |
2.61% |
0.49g/t |
0.32g/t |
