Capital Raising Completed
Sydney, June 8, 2012 AEST (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.
About ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) is a uniquely positioned Australian company delivering materials for a cleaner future.
The three priority projects are:
- Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains
o Processing Options Analysis conducted in partnership with external experts
- Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE)
o Continuous pilot plant under construction in Bell Bay, Tasmania
- Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries
o Agreements executed with Good Importing International for bauxite projects in Queensland and New South Wales, and $2.7 million initial payment has been received
o Approvals well advanced for DL130 bauxite project in northern Tasmania
ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed.
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