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0.6¢ gulf manganese corporation limited

Didnt you hear the Smelters got stolen by Somalian Pirates. Stop...

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MrWisemanSays

1,027 Posts.

72

13/06/18

09:18

Post #: 33669931
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Originally posted by tt2000 ↑

From GMC's announcement on 12 March 2018

"PT JGI has agreed to invest an IDR equivalent of approximately A$6 million through subscription for a convertible note to be issued by PT Gulf (“PT Gulf Convertible Note”). Completion of the subscription
for the PT Gulf Convertible Note is conditional on, among other things, the execution of an agreement between Gulf and PT Gulf selling and transferring, from Gulf to PT Gulf, all of Gulf’s right title and interest in and to the two smelters at the Kupang Smelting Facility (“Kupang Manganese Smelters”) and the grant of security over the Kupang Manganese Smelters in favour of PT JGI"

Given that GMC have received the A$6M, it means that all of Gulf's right and title in the 2 smelters has been transferred to PT JGI.

How much has GMC spent on refurbishing and shipping those 2 smelters, only to transfer the title to PT JGI for the A$6m (which also bought them 25% stake to the Project).

Given the ownership of the two smelters lies with PT JGI, does anyone know what processing charge /toll PT JGI is going to charge Gulf for using PT JGI's smelters?

Hopefully GMC disclose this soon...

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Didnt you hear the Smelters got stolen by Somalian Pirates. Stop worrying about them furnaces.

GMC Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
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