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Sydney, Mar 19, 2010 (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
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 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.
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