Wow this is now really a sense of deja-vu with the funding from Pak Marthen (Cornerstone Investor 1, which fell through)
Below was the trading halt on 9 December 2016, followed by the Voluntary Suspension on 13 December 2016. It was finally re-instated on 29 June 2017 (over 6 months later). Hopefully history is not repeating on this front again.
View attachment 1556221
The trance 2 funding expected of $4.4M that GMC are expecting is from Cornerstone Investor #3 (hopefully they don't follow the path of CI#1 and CI#2).
"
Gulf Manganese Corporation Limited (ASX:GMC) (“Gulf” or “the Company”
advises that yesterday afternoon 7 May 2019, its Indonesian subsidiary PT Gulf Mangan Grup (“GMG” was formally informed by the Ministry of Energy and Mineral Resources (MEMR) of the approval of its application for a license to export manganese concentrate in the form of high grade manganese ore, or Direct Shipping Ore (“DSO”. The MEMR approval is for the export of 103,162 tonnes per year. A final ratification from the Ministry of Trade (MoT) is now required and the documentation for this was lodged yesterday. Upon lodgement, MoT staff said that their approval usually takes from 2 to 5 working days."
5 business days from 7 May 2019 = close of business today (14 May 2019).
I don't think it comes as a surprise that this deadline has now been extended to 17th May 2019 (lets hope this isn't just met with another extension).
What is interesting in the announcement is this:
"
Pursuant to ASX Listing Rule 17.2, Gulf Manganese Corporation Limited (ASX: GMC) hereby requests that the securities of the Company be placed in voluntary suspension pending an announcement by the Company in relation to an update on the Direct Shipped Ore Licence (“DSO” and other Corporate activities. "
What does "Corporate activities" relate to?
Interesting the language was not... in relation to an update on the DSO and proposed investments (or Tranche 2 funding, or Cornerstone Investor update)
Hopefully Corporate activities does not mean a Capital Raising...
Has anyone contacted GMC to see if the DSO had been approved today (given it is day 5)?
