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Cassini Resources welcomes new major shareholder Tinci

The company has a number of new substantial shareholders on its register including Tinci.

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Cassini and Oz Minerals are looking to develop the Nebo-Babel nickel-copper deposits

Cassini Resources Ltd (ASX:CZI) has welcomed Tinci (HK) Limited as a new substantial shareholder with 25 million shares for a 6.02% stake.

Tinci joins the share register after cornerstoning the recent $7 million capital raising.

It is a 100% subsidiary of Guangzhou Tinci Materials Technology Co Ltd (SHE: 002709), which has market capitalisation of around $2.2 billion.

The parent company is one of China’s largest lithium-ion battery electrolyte manufacturers and is conducting a feasibility study for the production of high-quality nickel sulphate from nickel sulphide concentrate for the battery industry.

READ:  Cassini Resources receives $7 million placement boost, attracts new cornerstone investor

There are also two additional substantial shareholders in Buxiao Yu with a 6.35% stake and Colin Iles with a 5.59% stake.

READ: Cassini Resources confirms 70% earn-in by OZ Minerals at West Musgrave Project

Last week, Cassini confirmed that OZ Minerals Ltd (ASX:OZL) satisfied the 70% (stage 2) earn-in milestone by contributing a total of $36 million towards the Nebo-Babel pre-feasibility study (PFS) and regional exploration at the West Musgrave Project (WMP).

The WMP in Western Australia is the largest undeveloped nickel-copper project in Australia and the joint venture with OZ Minerals provides a clear pathway to a decision to mine and potential cash flow for Cassini.

Quick facts: Cassini Resources Ltd

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ASX:CZI
Market: ASX
Market Cap: $41.49 m
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