The Board of Queensland Bauxite (ASX:QBL) is pleased to announce a materially positive update regarding the company's research into the use of medical cannabis in autoimmune disease treatment.
Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has agreed to acquire a 100% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries, and a 100% shareholding in Medcan Australia Pty Ltd, a company with an ODC cultivation and production License and a DA approved Cannabis production and manufacturing facility.
Queensland Bauxite Ltd (ASX:QBL) provides the Company's Quarterly Report.
Further to the Transformation Announcement made on 20 June 2018, the Board of Queensland Bauxite Limited (ASX:QBL) has recognised that due to current market conditions, the intended capital raise at 8c is no longer an immediate practical option. As a result, the Board has decided to amend the raising price for the recompliance.
Queensland Bauxite Limited (ASX:QBL) is delighted to announce that Medcan Australia, has now been issued with both an Import & Export Licence under the ODC.
As reported in the announcement released by Queensland Bauxite Limited (ASX:QBL) on 13th July 2018, the Notice of Meeting for the recompliance transactions is still being drafted and is yet to be reviewed by the ASX. The following table is the timeline to which the Company is currently working towards for the completion of the transactions and the recompliance requirements.
Since a Q&A on the ASX forum was announced (2 July '18), Queensland Bauxite Limited (ASX:QBL) has received many questions mainly by shareholders who were daunted by the 131 page announcement and are eager to understand further the Company's current strategy.
Queensland Bauxite Ltd (ASX:QBL) Note to Shareholders from the Executive Chairperson, Mrs Pnina Feldman
It is obvious by the many genuine questions and observations from shareholders to Queensland Bauxite (ASX:QBL) that although six weeks was spent both by the company and ASX to make sure that the company merger/re-compliance announcement informed shareholders to the maximum, nevertheless there are still questions arising from the lengthy announcement which some shareholders feel need to be addressed.
Because of a few poignant questions on yesterday's significant Queensland Bauxite (ASX:QBL) announcement there are dominating queries sent to the Company that obviously need clarification.
Queensland Bauxite Ltd (ASX:QBL) and MCL Will Merge to Become a Major Global Player on the World Scene in Medical Cannabis
Pnina Feldman's Queensland Bauxite Limited (ASX:QBL) has announced today that QBL is undertaking a significant transformation of the Company from a mining exploration company with a Medical Cannabis subsidiary to a new major global Cannabis player through a 100% merger of its 55% owned subsidiary, Medical Cannabis Limited and the new 100% acquisition of Medcan Australia.
The Board of Queensland Bauxite Limited (ASX:QBL) is excited to announce that the Company and its subsidiary, Medical Cannabis Limited have entered into a legally binding heads of agreement to acquire a 100% interest in Medcan Australia Pty Ltd.