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Sydney, July 12, 2012 (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) (ABx) is pleased to announce it has raised A$455,850 via a Share Purchase Plan ("SPP"), which ran in conjunction with a placement to sophisticated, eligible and/or professional investors.
The combined fund raising totalled over $2 million in line with directors' projections.
ABx said it received applications for a total of 1.17 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.
Together with the placement proceeds, existing funds available to ABx in cash reserves are in excess of $3 million.
The SPP funds will be used to progress ABx's drilling and development programs and to provide working capital.
ABx Managing Director Ian Levy said: "The ABx Board and staff acknowledge this impressive shareholder support at an important stage in the company's development."
The allotment of the shares and despatch of holding statements will be completed before 20th July as previously advised on 13 June 2012.
JORC Compliant Resource Statements
The following are Joint Ore Reserve Code ("JORC")-compliant Public Reports released to the ASX declaring the JORC resources referred to.
These can be viewed on the ASX website and the Company will provide these reports, free of charge on request.
1 08/05/2012 ASX Inverell JORC Resource Update, 38.0 Million Tonnes
2 30/05/2012 ASX Goulburn-Taralga Bauxite Resource up by 50% - 37.9 Million Tonnes
3 15/08/2011 ASX Maiden Guyra Resource, 6.0 Million Tonnes
4 29/07/2012 ASX Binjour Maiden Resource, 24.5 Million Tonnes
ASX:ABZ) (ABx) is pleased to announce it has raised A$455,850 via a Share Purchase Plan ("SPP"), which ran in conjunction with a placement to sophisticated, eligible and/or professional investors.The combined fund raising totalled over $2 million in line with directors' projections.
ABx said it received applications for a total of 1.17 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.
Together with the placement proceeds, existing funds available to ABx in cash reserves are in excess of $3 million.
The SPP funds will be used to progress ABx's drilling and development programs and to provide working capital.
ABx Managing Director Ian Levy said: "The ABx Board and staff acknowledge this impressive shareholder support at an important stage in the company's development."
The allotment of the shares and despatch of holding statements will be completed before 20th July as previously advised on 13 June 2012.
JORC Compliant Resource Statements
The following are Joint Ore Reserve Code ("JORC")-compliant Public Reports released to the ASX declaring the JORC resources referred to.
These can be viewed on the ASX website and the Company will provide these reports, free of charge on request.
1 08/05/2012 ASX Inverell JORC Resource Update, 38.0 Million Tonnes
2 30/05/2012 ASX Goulburn-Taralga Bauxite Resource up by 50% - 37.9 Million Tonnes
3 15/08/2011 ASX Maiden Guyra Resource, 6.0 Million Tonnes
4 29/07/2012 ASX Binjour Maiden Resource, 24.5 Million Tonnes
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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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