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Gulf Manganese Corporation (ASX:GMC) substantial shareholder Leprechaun Holdings Pty Ltd has increased its stake in the company to 33.88% from 27.25% through the conversion of convertible notes.
Leprechaun converted the notes into 7.5 million shares at $0.03 each, taking its total holding up to 27.6 million shares.
In late May, the company received a study highlighting the robust financial project economics of its planned manganese smelter in Timor that could return EBITDA of US$623.8 million over 20 years.
The project's financial metrics are impressive with an EBITDA of US$623.8 million, IRR of 45.6% and a two-year payback period for modest start-up capital investment of US$67.5 million over four years.
It will have full Government support with fiscal incentives of a 10 year Tax Holiday.
The company also intends to list on the Singapore Exchange.
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- [Editor:Sophie]
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