Gulf Minerals Corporationis raising up to $1.34 million through a renounceable entitlement issue ahead of its application to dual list on the Singapore Exchange Catalist Board.

A total of 44.7 million shares priced at $0.03 will be offered under the 2 for 1 entitlement issue.

Besides the listing on the Singapore Exchange, the company expects to commence construction of an alloying manganese smelter facility in Kupang, West Timor.

The first two furnaces will be built during 2015, coming online January 2016, with a further two each year for a total of eight furnaces producing 150,000 tonnes per year at full production.

It also plans to start manganese exploration in Turkey, where it has identified five potential areas requiring further investigation with in-situ manganese grades of 40% plus before upgrading through a simple beneficiation process.

• [Editor:Sophie]