www.gulfresources.net.au
GGulf Resources is a resource development company that creates value for shareholders through the identification, acquisition and valorisation of resource focused projects, with a particular emphasis on regions where Gulf maintains relationships that provide a strategic advantage.
With a team of experienced engineering, project management, legal, financial and resource specialists, Gulf fosters and seeks to develop projects of major significance to both the company and the countries in which Gulf operates.
Gulf Industrials chairman acquires A$1.2m stake
Sir Sam Jonah, non-executive chairman at Gulf Industrials (ASX: GLF), has purchased 60,000,000 shares in a placement for a consideration of A$1,200,000 at $0.02 per share.
Jonah now has an indirect investment in the company via Jonah Capital BVI Limited with a value of around $1,740,000, based on the last traded price of $0.029.
The placement was made on 31st December 2010 after approval by shareholders at the annual general meeting on 12th November 2010.
Jonah Capital is a private equity and investment holding group based in South Africa.
Gulf has recently become a producer with the commencement of production at its East African Vermiculite (EAV) project in eastern Uganda.
The project will supply a premium grade product into a vermiculite market which is experiencing a natural demand increase and also shortfall in mine supply.
Gulf has also acquired the high grade Soalara limestone project in south west Madagascar targeting first production in 2012.
