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