A private placement of convertible preferred shares is expected to raise $6 million for Gulf International Minerals (VSE).
The company plans to use the proceeds of the issue to advance its various gold projects in Tajikistan.
The company holds the right to earn a 49% interest in a number of projects in the Kansai, Aprelevka and Burgunda regions of northern Tajikistan.
Gulf’s main development is the Aprelevka open-pit mine, which contains an estimated 2 million tonnes grading 6.2 grams gold per tonne.
Plans include refurbishing the 600-tonne-per-day Kansai flotation mill and expanding it to 1,200 tonnes per day to handle the Aprelevka ore.
The convertible preferred shares carry a 12% interest rate and are convertible at $1.00 per share.
Be the first to comment on "Gulf finances Tajikistan work"