Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Eclipse Metals Appoints Geologists For Australian Tenement Review

Eclipse Metals (ASX: EPM) is now positioned to drive its exploration activities forward with a new board and financing in place.

The company had in March entered into a Memorandum of Understanding with West Australian boutique investment group Ghan Resources for the provision of a $500,000 loan facility.

Ghan, a specialist in Australian microcap investment, will also assist in procuring underwriting for up to an amount no less the loan facility for a rights issue.

As part of the deal, the board and company secretary resigned and were replaced by new directors Carl Popal, Peter Landau and David Sanders, who all have experience in resource companies, along with Jane Flegg as the Company Secretary.

Popal is the managing director of Paynes Find Gold (ASX: PNE) and Ghan Resources as well as a non-executive director of Walla Mines.

He has 12 years' experience in business and property development and has managed various commercial dealings within a network of companies in various countries around the world including India, China and Malaysia.

Landau has over 15 years' experience in providing general corporate, capital raising, transaction and strategic advice and has project managed a significant number of oil and gas and mining exploration and development transactions.

Landau is the executive director of Range Resources (ASX: RRS) and executive chairman of Black Mountain (ASX: BMZ).

Sanders is a corporate lawyer with Bennett + Co and is also a non-executive director of Marenica Energy (ASX: MEY) and Quickflix (ASX: QFX).

Ghan has also been issued 11,353,131 shares in the company and granted security over its assets to the extent requested by Ghan.

Focusing Exploration

During the March quarter, Eclipse relinquished 3 tenements that were not considered to be worth incurring further exploration expenditure on as well as 3 tenement applications.

The new board has also commissioned a team of expert geologists including CSA Global to provide a preliminary assessment of the company's remaining assets to help determine an appropriate exploration strategy going forward.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.