Gulf receives another A$1m to help finance ferromanganese project
Monday, July 31 2017 - 01:18 AM WIB
ASX-listed Gulf Manganese Corporation Limited announced Monday it has received another A$1 million from sophisticated investors as part of a total $12 million capital raising program to help finance its ferromanganese smelter project at Kupang, in Indonesia?s East Nusa Tenggara Province.
?As previously advised, the company has also received binding commitments to raise an additional A$3 million on the same terms as outlined in the prospectus. The additional A$3 million is expected to be received no later than September 30, 2017,? Gulf said in a statement.
The company said funds received from the placement will be deployed towards driving the company?s near-term growth objectives which include the purchase of the first two smelting furnaces from Transalloys in South Africa, and the refurbishment and shipment of these furnaces to the Kupang site.
Gulf said in June that it has received $7 million from sophisticated investors via private placement, and another $1 million via convertible notes.
The company?s proposed Kupang Smelting Hub facility will contain eight furnaces built in stages over five years, targeting the production of a premium quality 78%+ manganese alloy.
Editing by Reiner Simanjuntak