Sydney, Mar 17, 2010 (ABN Newswire) - The Directors of Australian Bauxite Limited (ABx)(ASX:ABZ) are pleased to advise that it has finalised a placement of 10 million fully paid ordinary shares at 35 cents per share raising A$3.5 million before costs.
The placement was arranged by State One Stockbroking Ltd. Shares were issued to institutions and sophisticated investors.
Settlement of the placement will take place on Thursday, 18th March, 2010.
About Australian Bauxite Limited
Australian Bauxite Limited (ABx) (ASX:ABZ) holds the core of the newly discovered Eastern Australian Bauxite Province. Its 37 bauxite tenements in Queensland, NSW and Tasmania covering 8,500 km2 were rigorously selected on 3 principles: 1. good quality bauxite; 2. proximity to infrastructure connected to export ports; and, 3. free of socio-environmental or native title land constraints.
All tenements are 100% owned and free of obligations for processing and third-party royalties. ABx has already discovered many bauxite deposits and new discoveries are still being made as knowledge and expertise grows.
The company's bauxite is high quality and can be processed into alumina at low temperature – the type that is in short-supply globally. Global resources declared to date are 68 million tonnes. At the company's first drilling prospect in Inverell, northern NSW, an interim resource of 35 million tonnes has been reported from drilling 15% to 20% of the area prospective for bauxite and a resource of 25 million tonnes of bauxite has been reported at the Taralga project in southern NSW. 6 million tonnes maiden resource was declared at Guyra. Results from the Binjour Plateau in central QLD confirm that ABx has discovered a significant bauxite deposit including some bauxite of outstandingly high quality. Australian Bauxite Limited aspires to identify large bauxite resources in the Eastern Australian Bauxite Province which is emerging as one of the world's best bauxite provinces.
ABx has the potential to create significant bauxite developments in three states - Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
Contact
Mr Ian Levy Chief Executive Officer Australian Bauxite Limited Tel: +61-2-9251-7177
ASX:ABZ) are pleased to advise that it has finalised a placement of 10 million fully paid ordinary shares at 35 cents per share raising A$3.5 million before costs.
Australian Bauxite Limited
){kind=link}