Gippsland Limited announces the appointment of Mr Steven JM Chadwick as Gippsland's Senior Project Co-ordinator to oversee the detailed engineering, construction and commissioning phases of the Company's 40 million tonne Abu Dabbab tantalum tin project in Egypt.
Gippsland Executive Chairman Jack Telford said "Steven brings a wealth of knowledge to the Company as it moves towards being a dominant force in the global tantalum industry. His practical experience will be most valuable in ensuring that Abu Dabbab moves towards production quickly in the most cost effective manner. Steven will be joined by additional high-calibre personnel during the months ahead."
Gippsland Limited has also completed a placing of 12,655,553 million fully paid ordinary shares to UK institutional investors at a price of 4.5 pence (approximately 9.35 Australian cents) per ordinary share to raise the sum of UK £569,500 (approximately A$1,172,515) before costs and expenses. The Placing was undertaken by the Company's joint UK brokers Seymour Pierce Limited and Fox-Davies Capital Limited.
The Placing Shares will rank pari passu with all existing fully paid ordinary shares in the Company. Application has been made for the Placing Shares to be admitted to trading on AIM and the Australian Stock Exchange with trading expected to commence on 1 July 2008. The total number of ordinary shares on issue following admission will be 306,354,325.
The funds raised under the Placing will be used for working capital purposes and for the further development of the Company's 40 million tonne Abu Dabbab tantalum-tin project.
For more information please go to www.gippslandltd.com