Gulf Industrials to receive A$1.2 mln for vermiculite project

Oct. 14, 2010 - Gulf Industrials has reported that Jonah Capital has agreed to invest approximately A$1.2 million in Gulf Industrials and provide a convertible note facility of A$0.8 million for further development of the company's African focused industrial minerals strategy.
Jonah Capital is a private equity and investment holding group based in South Africa.
Along with due diligence, the funding package is subject to Jonah Capital board approval, the execution of loan and appropriate legal agreements, and South African foreign exchange approval, if required.
Gulf has recently become a producer with the commencement of production at its East African Vermiculite (EAV) project in eastern Uganda.
The project will supply a premium grade product into a vermiculite market which is experiencing a natural demand increase and also shortfall in mine supply.
Gulf has also acquired the high grade Soalara limestone project in south west Madagascar targeting first production in 2012.