Nathan Tinkler, a former billionaire who is reported to be trying to rebuild his coal empire, has got a job as a corporate advisor to small Perth-based nickel and copper explorer Rumble Resources.
The company today headlined Tinkler’s appointment in an announcement to the ASX which also gave the results of successful capital raising of $1.68 million. The 37,500,000 shares at $0.045 each were oversubscribed by four times.
Those who bought in at 4.5 cents have done very well. Based on today’s prices they’ve made 55%. Rumble Resources shares are up as much as 30% to around 7 cents each.
The capital raised will be used for an extensive exploration program at Rumble’s Fraser Range tenements as well as provide general working capital.
Rumble Resources says Tinkler brings with him a wealth of resource development experience, significant financing expertise, an extensive global network and large following from around the world.
“His track record of creating significant shareholder value in both private and public companies, in addition to his experience in large-scale financial raisings, will be of great benefit to Rumble shareholders,” said Rumble CEO Shane Sikora.
Under the agreement with Rumble, Tinkler’s group will be paid in performance-based options.
The former mining magnate and owner of the professional soccer team Newcastle Jets became a billionaire before his fortunes plummeted, forcing him to sell thoroughbred studs in the Hunter Valley and Queensland. More recently, he has been negotiating with creditors.
Tinkler today said the Fraser Range in Western Australia is one of the most favourable exploration destinations in the world.
“Rumble represents one of the best opportunities in the area and ticks all the boxes; quality management committed to building long term shareholder value, several prospective projects and a major footprint in the region,” Tinkler said.