Gulf Industrials (ASX:GLF) is to raise $3 million through a...

Gulf Industrials (ASX:GLF) is to raise $3 million through a share placement for exploration opportunities and advance its activities in Africa.

The placement of 750 million shares priced at $0.004 will be made in two stages to professional and sophisticated investors.

The first stage will be for 417 million shares under the company’s available 15% and 10% capacities respectively, raising a total of $1,668,000.

The balance of 333 million shares will be issued following (and subject to) the receipt of shareholder approval which is expected to be in April 2015 which will raise the balance of $1,332,000.

In its December quarterly, the company said it is continuing a review of a number of gold opportunities in the Upper East Region of Ghana.

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