GMC - FA, TA, page-84

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200 mill shares at .5c and a further $3.5 mill investment with the same sophs at 1.5c with 3 for 2 options to keep them invested.

1. Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that it has completed a share placement (“the Placement”) to sophisticated investors of 204,600,000 ordinary shares at $0.005 per share raising total proceeds of A$1,023,000. The Company intends to issue the Shares under the Placement on Thursday, 13 April 2017.
   
   Gulf is also pleased to advise that it has agreed to terms with the same sophisticated investors to maintain their positon in the Company by investing an additional minimum of A$3,500,000 at a price of $0.015 per share with free attaching 3 for 2 Listed Options (GMCO) exercisable at 0.5 cents each expiring 21 April 2019 (the “investment”). The additional A$3,500,000 investment is subject to Gulf signing the final land lease agreement for the commencement of construction of the Kupang Smelting Hub Facility at the Bolok Industrial Estate. Subject to approval by Gulf shareholders, the sophisticated investors will be entitled to two Non-Executive Board seats following completion of the A$3,500,000 investment.