TORONTO, March 27, 2012 /CNW/ - Gladstone Pacific Nickel Limited ("GPN" or "the Company") announces that at the Extraordinary General Meeting held earlier today, the following resolution was duly passed as follows:
RESOLUTION 1 - APPROVAL OF ACQUISITION OF SHARES BY FAIRWAY COAL
"That, for the purposes of section 611, item 7 of the Corporations Act 2001 (Cth) and for all other purposes, approval be given for the acquisition by Fairway Coal Pty Ltd (ACN 127 220 642) (Fairway Coal), a company owned by Professor Clive Palmer, of 20,118,312 shares in the Company, comprising:
|(a)||3,750,670 shares in the Company pursuant to the Deed of Release dated 7 February 2012 between, among others, the Company and Fairway Coal; and|
|(b)||16,367,642 shares in the Company pursuant to the Sale and Purchase Agreement dated 7 February 2012 between Fairway Coal and RAB Special Situations (Master) Fund Limited,|
the terms of which are summarised in the Explanatory Statement accompanying the Notice of Meeting."
Gladstone Pacific Nickel Limited (GPNL) is an Australian mining development company presently undertaking an Integrated Definitive Feasibility Study (IDFS) for the Gladstone Nickel Project (GNP). The Company's vision is to build a major long-life nickel cobalt refinery at the deepwater Port of Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from New Caledonia and other south-west Pacific islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 - 10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.
For further information:
Gladstone Pacific Nickel Ltd
Tel: +61 (0)7 3231 7100