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Gulf Manganese Announce $1.8M Rights Issue to Further Progress Kupang Smelting Hub
Mar. 15, 2016 07:46AM PST
Battery Metals
Gulf Manganese Corporation Limited (ASX:GMC) announced a 4 for 1 renounceable rights issue at 0.2 cents per share, with 1 free attaching listed option (exercisable at 0.5 cents within 36 months from issue) for every 2 New Shares issued, to raise up to $1.8 million before costs with a minimum raising of $0.5 million.
Gulf Manganese Corporation Limited (ASX:GMC) announced a 4 for 1 renounceable rights issue at 0.2 cents per share, with 1 free attaching listed option (exercisable at 0.5 cents within 36 months from issue) for every 2 New Shares issued, to raise up to $1.8 million before costs with a minimum raising of $0.5 million.
Upon completion, net proceeds and existing cash reserves will be deployed towards the following key objectives:
- Further advance Gulf’s main project which is development of the manganese alloy facility in Kupang, West Timor,
- Identification of a strategic partner to assist with the planned development of the Kupang Smelting
- General working capital
Connect with Gulf Manganese Corporation Limited (ASX:GMC) to receive an Investor Presentation.