Australian Bauxite Limited (ASX:ABZ) Completes A$3.5 Million Placement
Sydney, Mar 19, 2010 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) advises that is has completed the placement of 10 million fully paid ordinary shares (14.29% of its issued capital) at 35 cents per share to institutional and sophisticated investors, as defined under Section 708 of the Corporations Act, raising A$3.5 million before costs.
The shares were issued under ABx's 15% placement capacity as provided for under Listing Rule 7.1 to institutions and sophisticated investors introduced by State One Stock Broking Limited.
There are now 80 million shares on issue representing a market capitalisation of A$30.4 million (at 17 March 2010)
Broker Research Report
State One Stockbroking Limited has completed a comprehensive research report on the Company.
The report is available through contacting State One Stockbroking on +61-8-9288-3388. It is also available on the ABx website (http://www.australianbauxite.com.au) on the INVESTORS | BROKER COVERAGE page.
Tasmanian Highlights
- Eight (8) new exploration licence applications in Tasmania have been lodged covering an area of 1,508 km2 and containing many new discoveries of good grade bauxite in favourable settings
- Sampling has returned some of the best quality results of any bauxite areas sampled to date in the extensive Eastern Australian Bauxite Province, with the following average surface sample assay results:
- Tasmania's proud mining heritage rivals NSW and QLD and Tasmania has the advantage of very short-haul distances by rail to export ports that have capacity for increased export volumes
- The 8 new Exploration Licence Applications meet the rigorous corporate selection criteria, namely; good quality bauxite; near infrastructure including rail, ports, power, water & industrial centres; and, free of socio-environmental and native title land constraints.
For the complete Australian Bauxite Announcement, please click the link below:
http://www.abnnewswire.net/media/en/docs/62469-ASX-ABZ-587119.pdf
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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