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On December 24, 2018, Gulf Manganese Corporation Limited (ASX:GMC) came forward and made an announcement related to the settlement for the litigation, and it also provided an update with respect to the cornerstone investment. The company is engaged in the business of the development of ferromanganese smelting business with respect to the selling as well as a production of low carbon ferromanganese alloy. The ferromanganese smelting business which has been mentioned is in West Timor, Indonesia.
These announcements have been made with the help of press release. As per the release issued, Gulf Manganese Corporation, as well as Mighty River International Limited, would be settling the claims which are outstanding. Gulf Manganese would be giving 100,000,000 Gulf shares to the Mighty River and also would be giving 100,000,000 listed options of the Gulf as a placement with respect to the ASX Listing Rule 7.1. Mighty River has consented for the subscription of cash with regards to 20,000,000 shares of the Gulf Manganese at 1.5 cents with 20,000,000 free attaching listed options of Gulf Manganese at 0.5 cents.
The press release issued by Gulf Manganese also stated that, on December 21, 2018, initial $150,000 related to a settlement with regards to the subscription of shares as well as options has been disbursed to Gulf Manganese, and $150,000 (remaining) is due from the Mighty River on January 15, 2018. Let us now have a look at the views of top management. The managing director of Gulf Manganese reflected favourable views with respect to the litigation settlement. He also reflected optimistic views for investment discussions. According to him, the company is ramping up when it comes to the discussions related to financing as well as an investment with the JTS Group. He also added that they are working towards wrapping up of these arrangements.
Recently, Gulf Manganese Corporation Limited had also made an announcement related to the important appointments. As per the press release which contained information related to the important appointments, Mr. Tan Hwa Poh has been appointed for Non-Executive Director position while Mr. Robert lerace has been appointed as CS or Company Secretary. The managing director of the company stated positive views with respect to the appointments. According to him, Mr. Tan Hwa Poh supported the company during the times of construction as well as raising of the capital. With regards to the appointment of Mr. Robert lerace, the companyâs managing director stated that Mr. Robert lerace appointment would support the company in terms of corporate governance as well as in-house financial resources. Mr. Robert lerace also happens to be the companyâs CFO or chief financial officer. The managing director stated that the company would be helped by the expertise of Mr. Robert when it comes to the strategic approach. The company would also be supported by the governance as well as financial management knowledge which he possesses. GMCâs shares lastly traded at $0.010.
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