TORONTO, Sept. 26 /CNW/ - GPNL announces that it has today completed the acquisition of the entire share capital of Egidia Pty Ltd ("Egidia") from Mr Clive Palmer and has issued 28,645,233 Ordinary Shares of no par value in the Company to Mr Clive Palmer as consideration.

The acquisition, pursuant to the Share Sale Agreement with Egidia, was approved by shareholders at a General Meeting of the Company on 14 August 2008.

As announced on 30 January 2008, Egidia holds 33.33% of the share capital of Marlborough Nickel Pty Ltd ("MNPL"), a subsidiary of GPNL. The effect of this acquisition is that GPNL regains ownership of 100% of MNPL whilst Mr Palmer's interest in MNPL is rolled up into GPNL thereby simplifying the capital structure of the Company and facilitating financing and development of the Gladstone Nickel Project

Application has been made for the new shares to be admitted to trading on AIM and this is expected to take place on 2 October 2008.

Upon conclusion of these transactions, Mr Palmer will hold a total of 34,545,233 Ordinary Shares being 48.7% of the Company's ordinary share capital. The total number of Ordinary Shares in issue is 70,935,699.