The closing date for acceptances of the Plan has also been moved back three days to Tuesday, 12 March 2013.
Gunson will use the funds to pay for work completed on the Optimisation Study currently being finalised to meet the POSCO/Korean resources investment fund (POSCO SPV) commercial condition required before the POSCO SPV will sign the Coburn Project financing agreement.
The deadline for meeting this condition is the end of this month and the company is on schedule for meeting it. A release recording the main results of the Optimisation Study will be made towards the end of this month.
Gunson has a strong focus on advancing Coburn, with an offtake agreement for Coburn chloride ilmenite signed with DuPont on 2 March.
Coburn is located on Coburn & Hamelin pastoral leases, situated just outside the southeast edge of the Shark Bay World Heritage Property in Western Australia.
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