Vancouver Jaguar Nickel (JNI-T) is shifting its focus from mineral exploration to merchant banking and says it hopes to create value for shareholders by making investments in undervalued companies in various industry sectors.
The move comes just over two months after the firm began to review strategic alternatives following the election of a new board of directors, headed by Vic Alboini, the Chairman and chief executive of Northern Financial, Jaguars largest shareholder.
Given managements track record in merchant banking, the change in focus of the company to a merchant bank is designed to take advantage of that track record for the benefit of Jaguar shareholders, said Alboini.
We believe in appropriate circumstances that Jaguar can act as a catalyst to create value in the investments made in companies.
Two months ago, Jaguar terminated its exploration alliance with BHP Billiton (BHP-N, BLT-L) for the exploration and development of nickel mining properties in Canada, Alaska, the United States and Greenland. The company is proposing to change its name to Jaguar Financial, reflecting the new business focus.
Meanwhile, board members Wes Roitman and Sheldon Esbin have resigned and two independent directors will replace them in the near future.
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