Gulf Manganese Corporation Limited (ASX:GMC) announced a private placement of 533,333,333 shares at a price of AUD 0.015 per share for gross proceeds of AUD 8,000,000 on January 2, 2019. The transaction will include participation from a institutional investor from Singapore for AUD 2,000,000 and existing investor PT Jayatama Global Investindo for AUD 6,000,000. The company has signed a subscription agreement with Singapore investor. The company will issue shares in two tranches with 241,815,011 shares AUD 3,627,225.165 in first tranche on January 15, 2019 and rest AUD 4,372,774.835 in second tranche. The company will issue 181,361,258 shares to PT Jayatama Global Investindo and 60,453,753 shares to Singapore company in first tranche. The second tranche is subject to shareholder approval at a general meeting. The company will also issue 1 option for each share issued exercisable at AUD 0.005 per share.