Aspiring miner Poseidon Nickel has completed a $69 million entitlement offer without having to call on support from its sub-underwriter, Andrew Forrest's Squadron Resources.
The corporate regulator has objected to an underwriting deal under which Andrew Forrest's Squadron Resources could end up with as much as 61 per cent of Poseidon Nickel.
Poseidon Nickel has announced a $74.6 million capital raising, backed by Andrew Forrest's Squadron Resources, days after US group Black Mountain Metals pulled out of a $66 million takeover proposal.
Even those with only a passing interest in the resources sector would recognise there's something unusual about an iron ore miner talking up a natural gas project and an oilman talking it down.
A newly established company led by a group of Perth oil and gas executives aims to become a major supplier to the domestic gas market after buying the offshore Equus gas fields from US company Hess Corporation.
SPECIAL REPORT: When Fortescue Metals Group chairman Andrew Forrest received his most recent dividend cheque from the company, it brought the total paid out to entities he controls during the past five years to nearly $600 million.
Mining entrepreneur Andrew Forrest has made a move into onshore oil and gas, with Squadron Resources, a subsidiary of his Minderoo Group, to explore and develop the Canning Basin in an 80:20 venture with privately owned Goshawk Energy.
Fortescue Metals Group is home to two of Western Australia's wealthiest company directors, or so it was believed until a surprise disclosure last month.
Impact Minerals has appointed Aaron Hood as a non-executive director. It follows Minderoo Group investing $7.3m, through its mining investment vehicle Squadron Resources.
