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 gains Contango Asset Management as substantial holder
Gulf Industrials (ASX: GLF) has received a notification from substantial shareholder, Contango Asset Management, that Contango has acquired 37.667 million Gulf shares for $1.695 million at $0.045 per share.
Contango purchased the shares via a share placement on Wednesday 4 May raising the company’s interest in Gulf to 7.63%.
Gulf successfully placed 64 million shares at $0.045 to clients of Veritas Securities to raise A$2.88 million on Wednesday 27 April.
The funds from Veritas will to go towards the continued development of the East African Vermiculite Project, located in Uganda.
The funding injections are a boost to Gulf, which earlier in April increased the current mining lease on the Namekara Vermiculite Mine by adding additional exploration licenses.
Production at Namekara has been forecast to reach 2,200 tonnes during this quarter and will ramp up once the new drier and additional plant equipment have been commissioned.
Gulf is on track for 30,000 tonnes per annum of vermiculite production by the September Quarter 2011.
Namekara has a JORC Inferred Resource of 55 million tonnes with the coarser nature of the mineral output attracting a price premium.
