Microsoft Word - GIP ASX GM Loan Ext 28 August 2015 FINAL
Suite 3, 11 Sheppard Way
Marmion WA 6020
Australia
t: +61 8 6102 2609
PO Box 2277
Marmion WA 6020
Australia
e: [email protected] w: www.gippslandltd.com
Gandel Metals Loan Extension
Release Date: 28 August 2015
Gippsland Ltd (ASX:GIP) (the Company) advises that the repayment date of the loans provided by Gandel Metals Pty Ltd has been extended from 30 September 2015 to 30 November 2015, to allow sufficient time for the recapitalisation process to be completed. The recapitalisation process is subject to ASX mandated timetables.
Gandel Metals, a company associated with the Company's major shareholder and former Chairman, Mr Ian Gandel has provided various loans to the Company since September 2013. The total amount outstanding is approximately $3.45 million including accrued interest.
Rowan Caren Director www.gippslandltd.com
T: +61 8 6102 2609
E: [email protected]
1 Gandel Metals Loan Extension-28 August 2015