Gulf completes capital raising for Indonesia smelter hub project
Friday, November 3 2017 - 04:53 AM WIB
ASX-listed Gulf Manganese Corporation Limited said that it has received the final A$1,500,000 tranche from sophisticated investors committed under the company?s previously reported A$12,000,000 capital raising .
The company said in a statement on Thursday the receipt of the latest A$1,500,000 tranche completes the A$3,500,000 committed by this sophisticated investment group in June this year.
?We are very pleased to have secured this final funding tranche. Gulf continues to be backed by a loyal shareholder base and we would like to take this opportunity to thank our shareholders for their ongoing support. We are entering a very exciting period in the Company?s development and we look forward to reporting on further operational achievements in the near-term,? said Gulf Managing Director Hammish Bohannan in the statement.
The company said in June the capital raising will fund the purchase of the fisrt two furnaces from Transalloys in South Africa as well as completing refurbishment and shipment of the furnaces to the Kupang site, in East Nusa Tenggara, Indonesia, where it is developing a ferro manganese alloy smelter, targeted to start production in the first quarter of 2018.
Editing by Reiner Simanjuntak