Gippsland successfully closes rights issue

On 6 March 2015, Gippsland Limited successfully closed its previously announced rights issue (based on five new shares in Gippsland for every seven existing shares at the Record Date).

The company received acceptances for a total of 473,448,708 shares for proceeds of A$946,897.42. Shareholders also subscribed for a further 48,974,077 shares in respect of a shortfall of A$97,948.15. The total amount raised was A$1,044,845.57.

Gippsland explores and develops mineral resources in Australia, Egypt, and Eritrea. The funds raised from this rights issue will be focused on closing the recently announced financing for the Abu Dabbab tantalum tin feldspar project in Egypt.

Sefton Collett advised Gippsland with respect to the UK law elements of this transaction.