Gulf Manganese Corporation Limited announced that it has executed a binding term sheet for the establishment of a $52 million Structured Loan Facility with Glacier International Depository Ltd, Legal and General Investment Management Limited and HSBC Bank plc. The Loan Facility is presently being finalised with proceeds expected to be received by the end of January 2020. In contractual terms, the two key parties to the transaction are HSBC Bank plc as provider of the underpinning collateral, a Standby Letter of Credit, and Legal and General Investment Management Ltd. as provider of the loan itself, with the assistance of Glacier International Depository Ltd, who are responsible for preparing and handling of the instrument issuance in raising and providing of the funds for Gulf. Gulf will now be fully funded to complete the construction and commissioning of the first two smelting furnaces at the Kupang Smelting Hub facility in West Timor, Indonesia. As previously reported, construction of the facility is currently 60% complete, with approximately $13 million and a further 6-7 months' work required to complete the first two smelting furnaces. This Loan Facility also provides Gulf with the ability to ramp-up its high-grade (+49% Mn) manganese mining and exploration activities in Indonesia taking advantage of its licence to export manganese concentrate (also known as Direct Shipped Ore or "DSO"), and to advance its strategic joint venture with Iron Fortune in Timor Leste.