Gulf Manganese Announces General Meeting on October 2nd

Gulf Manganese (ASX:GMC) announced a General Meeting on October 2nd, 2015, at 10am, to be held at Level 2, 78 Mill Point Road, South Perth, Western Australia. The agenda for the meeting is to seek Shareholder approval to issue up to 75,000,000 new Shares at 1.5 cents to unrelated third parties and a general offer to existing Shareholders to raise up to $1,125,000 with a free attaching Option on a 1 for 2 basis. Gulf Manganese is proposing to conduct an initial public offering and listing on the Singapore Exchange of the wholly owned subsidiary, International Manganese Group Limited, which will own and operate the Timor Manganese Smelter business.
As quoted in the press release:

Gulf Manganese Corporation Limited (ASX: GMC) wishes to advise shareholders the company is calling a General Meeting to seek Shareholder approval to issue up to 75,000,000 new Shares at
1.5 cents (a 50% discount to the 30 days’ Volume Weighted Average Price) to unrelated third parties and a general offer to existing Shareholders to raise up to $1,125,000 with a free attaching Option on a 1 for 2 basis (total of up to 37,500,000 Options). The Options will be granted with an exercise price of 5 cents each and expire on the 30th September 2017.
The Company proposes to conduct an initial public offer and listing on the Catalist Board of the Singapore Exchange of the wholly owned subsidiary, International Manganese Group Limited, which will own and operate the Timor Manganese Smelter business.

Gulf Manganese Deputy Chairman, Dr. Peter Williams, said:

“The Company is talking with, and has a strong level of interest from groups in Singapore, Hong Kong, the Middle East and Korea to participate in the issue as the reality is currently few Australians understand the value proposition of developing a project overseas showing an EBITDA of US$375m, NPV of US$160m with an ROI of 56% as advised previously in the ASX release of 22nd June”.

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