Gulf secures additional funding for Kupang smelting hub
Monday, September 12 2016 - 02:13 AM WIB
ASX-listed Gulf Manganese Corporation Limited said that it has completed a $1 million raising to provide additional working capital, as the company continues to progress towards the development of its Kupang Smelting Hub Project in West Timor, East Nusa Tenggara Province.
The company said late last week that it raised circa $1 million via the placement of 70 million shares at 1.5c per share, with an attaching 2 new shares issued for 1 listed option (GMCO). The issue of the attaching listed options will be subject to shareholders approval. Triple C Consulting acted as the lead manager for the placement which was heavily oversubscribed.
Following the recent securing of a potential cornerstone investor, the company said it has received significant interest from a number of strategic investors. ?As a result, Gulf has taken this opportunity to secure additional funding in order to provide the requisite financial flexibility prior to the receipt of final site approvals,? the statement said.
Furthermore, the company announced that discussions with relevant authorities regarding the securing of all remaining site approvals for Kupang are progressing well, in order for the cornerstone investor to proceed. Further updates on the progress of these discussions will be provided in due course, it said.
Editing by Reiner Simanjuntak