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western Australia ""
Michael Fotios’ Eastern Goldfields will take a 14.3 per cent stake in Windward Resources as part of a $2.2 million cash injection into the Fraser Range-focused explorer.
News of the investment has sent Windward shares up 2.4 cents, or 25 per cent, to 12 cents at the open, the price at which Eastern Goldfields will take its shares.
Eastern Goldfields has also agreed to underwrite a one-for-four rights issue to raise a further $3.8 million for Windward.
The funds, together with Windward’s existing $5 million cash reserves, will be used to ramp-up exploration of the company's nickel and gold portfolio at Fraser Range near Balladonia.
Windward holds tenements in the vicinity of the celebrated Nova nickel deposit, now owned by Independence Group following the takeover of Sirius Resources last year.
Windward’s executive chairwoman Bronwyn Barnes said the Eastern Goldfields agreement was an outstanding opportunity for Windward because it would now have the financial capability required to target world-class nickel-copper and gold deposits in the Fraser Range.
“Following completion of the placement and entitlement offer, Windward will have cash reserves of more than $10 million plus access to ongoing funding through its relationship with Eastern Goldfields,” she said.
“This will give it the financial firepower to prosecute the sort of wide-ranging and deep-penetrating exploration campaign required to unearth more Nova-Bollinger style discoveries.”
Eastern Goldfields executive chairman Michael Fotios said the Windward investment represented a strategic opportunity to diversify into one of the world’s premier emerging nickel provinces.
“We share the view of many analysts that the nickel sector is extremely well-placed for a strong recovery over the next 12-18 months, and we are already beginning to see evidence that this recovery is underway,” he said.
“Windward has highly prospective tenements in the heart of this world-class exploration province and the upside from the discovery of additional Nova-Bollinger style deposits is clearly immense.
“We believe that now is the right time to secure a strong strategic position in this emerging belt, and we are delighted to secure an exposure to this potential by providing Windward with funding for what could be a game-changing exploration campaign.”