Gulf raised the $1 million via the placement of 70 million shares at 1.5c per share with an attaching two new shares issued for one listed option.
The issue of the attaching listed options will be subject to shareholders approval. Triple C Consulting acted as the lead manager for the placement, which was heavily oversubscribed.
Following the recent securing of a potential cornerstone investor, Marthen Amtiran, the company has received significant interest from a number of strategic investors.
Thanks to that Gulf took the opportunity to secure additional funding in order to provide the requisite financial flexibility prior to the receipt of final site approvals.
Discussions with the relevant authorities regarding the securing of all remaining site approvals for Kupang are said to be progressing well.