Share Purchase Plan Completed
Sydney, July 12, 2012 AEST (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
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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