ASX Announcement 8 September 2016 Gulf Secures Additional Funding to Progress Kupang Smelting Hub Gulf Manganese Corporation Limited (ASX: GMC) ('Gulf' or 'the Company') advises 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, Indonesia. Gulf raised circa $1 million via the placement of 70 million shares at 1.5c per share, with an attaching 2 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 (see ASX release 5 August 2016), the Company 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. Furthermore, the Company wishes to advise 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 Current 1.5c end of the day? should be back to 1.8c, maybe 2c
this is going to pop big time as soon as the next ann' comes in with permits. then when the 9.8m comes in it will go nuts then more stuff happening. everyday it's been climbing a pip, big buys, up to 2.2c now. wowie LovingtheSilver, you still holding? if I didn't have so much in it i'd be buying more!
Actually, I think I can beat that - sort of! Way back when I first dipped my foot into the world of share buying, I read a copy of 'Australian Personal Investor' It had a essay on "Shares that we think will double in the next year". One of them was a small Melbourne company called 'Datacraft'. They were 11c at the time, and I bought 10,000 shares. Over the next 3 years or so they wandered about from 9c to 13c and never really did much. They staggered back to 14c once, and I sold the lot to make a tiny profit. Within a month they received a takeover offer of THREE DOLLARS a share! GROAN! OC
Yes miniroo, I'm still holding. As you mentioned above waiting for permit and 9.8 million to come through. Options have done well recently, wish I grabbed some when they were at 1.1-1.2. Contemplating offloading my AVL shares into GMC/O but will hold out a bit longer. Let's hope that the permit comes through soon then we can watch it launch.
