Capital Raising Completed
Sydney, June 8, 2012 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) advises that is has completed a placement of 4.3 million fully paid ordinary shares at $0.39 cents per share to sophisticated, eligible and/or professional investors, as defined under Section 708 of the Corporations Act (Placement).
$1.67 million of additional capital was raised to progress the company's drilling and development programs and to provide working capital.
State One Stockbroking Ltd facilitated the placement, which was well supported by existing shareholders. ABx will release an updated list of top twenty shareholders as soon as practicable.
Settlement of the placement is scheduled to occur on 12 June 2012 and quotation of the new shares is expected to commence on that date.
The shares are to be issued in accordance with a resolution passed by shareholders at the Company's Annual General Meeting on 28 May 2012.
ABx's CEO, Ian Levy, commented, "Despite the recent difficult market conditions it has been particularly pleasing to see Australian Bauxite maintaining market support, especially from key supportive shareholders."
Share Purchase Plan
In order to give existing shareholders an opportunity to invest at the same price as the Placement, ABx will offer shareholders the right to participate in a Share Purchase Plan (SPP).
The record date to participate in the SPP is 7 June 2012. Shareholders who hold ABx shares and are registered on the record date will be able to participate in the SPP.
Full details of the SPP will be provided to shareholders early next week.
About Australian Bauxite Ltd
Australian Bauxite Limited (ABx) (ASX:ABX) has its first bauxite mine in Tasmania & controls the Eastern Australian Bauxite Province. ABx's 11 bauxite tenements in Queensland, New South Wales & Tasmania totalling 662 km2 are all 100% owned, unencumbered & free of third-party royalties. ABx's bauxite is gibbsite trihydrate (THA) bauxite that can be processed into alumina at low temperature.
ABx has committed a large proportion of its expenditure into Research and Development to find ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and partitioned into layers, nodules, particles and grains of different qualities that can be separated into different product streams using physical, chemical and geophysical methods.
ABx has declared large Mineral Resources in northern NSW, southern NSW, Binjour in central QLD & in northern Tasmania.
ABx's first mine commenced at Bald Hill near Campbell Town, Tasmania in December 2014 - the first new Australian bauxite mine for more than 35 years.
ABx aspires to identify large bauxite resources in the Eastern Australian Bauxite Province and has created significant bauxite development projects in 3 states, Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.
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