Nico Steel

Nico Steel: Bay Eagle Ventures (BAV) will pay $0.9m to subscribe for 13m new placement shares at $0.0675 a piece (10% discount to last closing price of $0.075). Accordingly, BAV will emerge as a significant shareholder with 10.3% stake in the enlarged share base. The placement shares are subject to a moratorium period of six months. Nico Steel is contemplating diversifying into the upstream minerals related businesses as additional revenue sources, and the placement proceeds will be used to fund preliminary exploratory feasibility studies. BAV is owned by Mr Gao Ang, a veteran in the finance industry with commodities product experience. On completion of the placement, Gao will be appointed as an executive director of the company to head the feasibility study into the minerals business.