Gulf Manganese Corporation Limited (ASX:GMC) announced a private placement of 450,000,000 share at the price of AUD 0.004 per share for gross proceeds of AUD 1,800,000 and convertible notes for gross proceeds of AUD 500,000 and for total proceeds of AUD 2,300,000 on July 31, 2020. The transaction will include participation from RiverFort Global Opportunities PCC Ltd which will acquire 300,000,000 shares for AUD 1,200,000, sophisticated investors will acquire 150,000,000 shares for AUD 600,000 and convertible notes for AUD 500,000. The company has signed a share purchase agreement with RiverFort Global Opportunities PCC Ltd to grant to RiverFort 60,000,000 options with an exercise price of AUD 0.005 and an expiry date of three years from grant. Each note is convertible at AUD 0.004 with one free attaching option, subject to shareholder approval, at AUD 0.004 cents and a term of two years. The transaction has been approved by the board of directors and require approval from the shareholders. The transaction is expected to close on August 6, 2020. RiverFort Global Opportunities PCC will get placement fee of AUD 36,000 and legal fee of AUD 12,000.