Shares in Global Nickel Investments shot up more than 16% after the company announced it had now settled on the Emmaville Bauxite project transaction.

During the afternoon trade, shares in GNI popped 16.7% to 9.1 cents. The transaction was wrapped up with the payment of USD 500,000 and the issuance of 5 million fully paid ordinary shares and 5 million GNIOA options.

Mr Ben Cooper MD of GNI said that it had already commenced desktop exploration studies, and metallurgical research to further delineate processing options for commercial production.

Global Nickel Investments is an Australia-based company principally engaged in mineral exploration and project acquisition. It has a number of prospective tenements in Western Australia, New Zealand and Turkey.