Share Purchase Plan Completed
Sydney, July 12, 2012 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) (ABx) is pleased to announce it has raised A$455,850 via a Share Purchase Plan ("SPP"), which ran in conjunction with a placement to sophisticated, eligible and/or professional investors.
The combined fund raising totalled over $2 million in line with directors' projections.
ABx said it received applications for a total of 1.17 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.
Together with the placement proceeds, existing funds available to ABx in cash reserves are in excess of $3 million.
The SPP funds will be used to progress ABx's drilling and development programs and to provide working capital.
ABx Managing Director Ian Levy said: "The ABx Board and staff acknowledge this impressive shareholder support at an important stage in the company's development."
The allotment of the shares and despatch of holding statements will be completed before 20th July as previously advised on 13 June 2012.
JORC Compliant Resource Statements
The following are Joint Ore Reserve Code ("JORC")-compliant Public Reports released to the ASX declaring the JORC resources referred to.
These can be viewed on the ASX website and the Company will provide these reports, free of charge on request.
1 08/05/2012 ASX Inverell JORC Resource Update, 38.0 Million Tonnes
2 30/05/2012 ASX Goulburn-Taralga Bauxite Resource up by 50% - 37.9 Million Tonnes
3 15/08/2011 ASX Maiden Guyra Resource, 6.0 Million Tonnes
4 29/07/2012 ASX Binjour Maiden Resource, 24.5 Million Tonnes
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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