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.
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