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 ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) started as a bauxite miner in Tasmania in 2014 & controls the Eastern Australian Bauxite Province. In 2020 to 2023, ABx also discovered Australia’s only true ionic adsorption clay Rare Earth Elements resource at Deep Leads in pine plantations 40km west of Launceston with a JORC-compliant resource of 89 million tonnes from only 29% of the mineralised outline, averaging 844 ppm total rare earth oxides that is the most enriched in the critically important rare earths, Dy and Tb, of any Australian REE deposit.
ABx has also developed a proprietary technology to produce fluorine chemicals from an aluminium smelter waste product and return the fluorine back into the smelters, thus reducing reliance on imported aluminium fluoride.
ABx has committed a large proportion of its expenditure into Research and Development and has found ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and can be separated into different product streams using physical, chemical and geophysical methods. It has produced and marketed specialist bauxite products for the manufacturers of fertiliser, cement with high late strength for major infrastructure such as bridges and is in the advanced stages of approvals for production of metallurgical bauxite from its Binjour Bauxite deposit with JORC-compliant resources of 37 million tonnes of bauxite, in a joint development with a Chinese-focussed Australian trading company Good Importing International.
ABx is also preparing to produce fertiliser grade and cement grade bauxite from its DL130 bauxite quarry in northern Tasmania, 40km west of Launceston. This quarry is sited in the middle of the large Deep Leads REE deposit and may one day be a site for heap leaching of the REE using a low-cost, benign leachate with the same acidity as apple juice or tea.
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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