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Sydney, June 8, 2012 (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) advises that is has completed a placement of 4.3 million fully paid ordinary shares at $0.39 cents per share to sophisticated, eligible and/or professional investors, as defined under Section 708 of the Corporations Act (Placement).
$1.67 million of additional capital was raised to progress the company's drilling and development programs and to provide working capital.
State One Stockbroking Ltd facilitated the placement, which was well supported by existing shareholders. ABx will release an updated list of top twenty shareholders as soon as practicable.
Settlement of the placement is scheduled to occur on 12 June 2012 and quotation of the new shares is expected to commence on that date.
The shares are to be issued in accordance with a resolution passed by shareholders at the Company's Annual General Meeting on 28 May 2012.
ABx's CEO, Ian Levy, commented, "Despite the recent difficult market conditions it has been particularly pleasing to see Australian Bauxite maintaining market support, especially from key supportive shareholders."
Share Purchase Plan
In order to give existing shareholders an opportunity to invest at the same price as the Placement, ABx will offer shareholders the right to participate in a Share Purchase Plan (SPP).
The record date to participate in the SPP is 7 June 2012. Shareholders who hold ABx shares and are registered on the record date will be able to participate in the SPP.
Full details of the SPP will be provided to shareholders early next week.
ASX:ABZ) advises that is has completed a placement of 4.3 million fully paid ordinary shares at $0.39 cents per share to sophisticated, eligible and/or professional investors, as defined under Section 708 of the Corporations Act (Placement).$1.67 million of additional capital was raised to progress the company's drilling and development programs and to provide working capital.
State One Stockbroking Ltd facilitated the placement, which was well supported by existing shareholders. ABx will release an updated list of top twenty shareholders as soon as practicable.
Settlement of the placement is scheduled to occur on 12 June 2012 and quotation of the new shares is expected to commence on that date.
The shares are to be issued in accordance with a resolution passed by shareholders at the Company's Annual General Meeting on 28 May 2012.
ABx's CEO, Ian Levy, commented, "Despite the recent difficult market conditions it has been particularly pleasing to see Australian Bauxite maintaining market support, especially from key supportive shareholders."
Share Purchase Plan
In order to give existing shareholders an opportunity to invest at the same price as the Placement, ABx will offer shareholders the right to participate in a Share Purchase Plan (SPP).
The record date to participate in the SPP is 7 June 2012. Shareholders who hold ABx shares and are registered on the record date will be able to participate in the SPP.
Full details of the SPP will be provided to shareholders early next week.
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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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Financial General | Mining | Bauxite | |
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