Gippsland Limited
Gippsland focuses on world-scale projects which have been over-looked by major resource groups. Projects which have undergone detailed exploration and which have the potential to be brought into production quickly are a prime target for the Company. Gippsland's success in this area is due in part to the Company's philosophy of entering into equitable joint venture arrangements with overseas nationals. The Company's prime assets are the 40 million tonne Abu Dabbab and the 98 million tonne Nuweibi tantalum-tin projects located in the Central Eastern Desert of Egypt, adjacent to the western shore of the Red Sea.
Gippsland responds to ASX share price and volume query
Friday, October 08, 2010
Western Australia based Gippsland (ASX: GIP, FRA: GIX) has responded to a price and volume query from the ASX, stating that it is not aware of any information that could be an explanation for recent trading in the company's securities.
GIP shares rose 29.7% to 6 cents in intra-day trading this morning.
In a statement the company said its shares were trading at "similar prices on 27 September 2010 shortly prior to requesting a trading halt which was followed by the announcemnet of a proposed spin-off of assets and a $3.2 million placement."
The company intends to lodge a prospectus on Monday to facilitate secondary trading in the placement of shares.
On October 1 Gippsland received firm commitments for the placement of 80 million fully paid ordinary shares at $0.04 per share to raise $3.2 million.
The funds will be used to progress its flagship 44.5 million tonne Abu Dabbab Tantalum-Tin-Feldspar Project in Egypt and for working capital.
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