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Gulf Resources raises A$567,000 for African Vermiculite project

Gulf Resources (ASX: GLF), the African focused industrial mineral developer, has successfully placed 27,000,000 shares at $0.021 per share to clients of Veritas Securities Limited and sophisticated and professional investors, to raise a total of A$567,000 (before expenses).

The funds raised will be utilised on the development of the East African Vermiculite project to ensure the commissioning of the processing plant, expected to come online by the end of this month and for working capital purposes.

Following the completion of this placement, the company will have 212,874,729 shares on issue.

Disclosure: The author holds no positions in the company