Gulf raises cash for alloy smelter design, Singapore listing
PERTH (miningweekly.com) – ASX-listed junior Gulf Minerals Corporation would look to raise up to A$2.5-million to finalise the design of its proposed alloy smelter, in Indonesia, and to fund the listing on the Singapore Stock Exchange.
The company said on Tuesday that it would issue 250 redeemable convertible notes, at a value of A$10 000 each, to sophisticated and professional investors, to raise the funds.
The term of the notes would be three-years from the date of issue, with an interest rate of 10% a year. Each note could be converted into fully paid ordinary shares at a rate of 85% of the 30-day volume-weighted average price, calculated at the date of conversion.
The notes could be redeemed after 12 months from the date of issue, and with three months notice.
Earlier this month, Gulf unveiled plans to develop an alloy smelter, which would consist of eight furnaces. The $36-million investment would be made over a three-year period, and each of the furnaces would have a capacity of 20 000 t/y alloy production. The first two furnaces were expected to be operational by January 2016, and a further four were to follow a year later. The final two furnaces would be commissioned in January 2018.
The capital cost for the smelting project would be funded through an initial public offering on the Singapore Stock Exchange during the second half of the year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
