Gulf Manganese Releases Quarterly Activities Report

Gulf Manganese Corporation Limited (ASX:GMC) announced the following Quarterly Activities Report for the December Quarter.
As quoted in the press release:

KEY HIGHLIGHTS

• Capital Raising Completed
• Reinstatement of Trading
• CEO Appointed
• Further progress with Kupang Development
• First agreements for Ore Supply
• Xram Workshop

Capital Raising Completed
The company announced in August plans to raise $1.125m to finalise smelter engineering design and working capital and Shareholders approved the issue of up to 75m shares and 37.5m options at a General Meeting in October. The raising was fully subscribed when closed on 3 December 2015.
Approvals
Following the granting of a Principle License for foreign investment from the Indonesian Government Coordinating Board (BKPM), the next significant step is approval for the project by the Bupati Kupang, Ayub Titu Eki. Meetings were held with the Bupati and his staff to discuss the final steps required in order to complete the process. This largely involves further community liaison and involvement which will take place in the first quarter 2016.

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