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Australian Bauxite raises A$6m for exploration and development programs

Australian Bauxite raises A$6m for exploration and development programs

Sydney-based exploration company Australian Bauxite (ASX: ABZ) has completed a placement of 13.50 million fully paid ordinary shares (15.77% of its issued capital) at 45 cents per share to sophisticated, eligible and/or professional investors, raising $6,075,000 before costs.

Following settlement on or before 27 August, the company will have cash reserves in excess of $10 million to fund its current exploration and development programs.

State One Stock Broking Limited facilitated the placement with strong participation by institutional funds.

ABx said it will continue its high rate of exploration activity for the remainder of 2010, including the completion of 1,000 holes, and, as a result of this capital raising, increasing the exploration rate to 1,400 holes in 2011.

By the end of 2010, the company expects to complete first pass drilling on all of its granted tenements in Queensland, NSW & Tasmania, and complete prioritisation of its projects.

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Australian Bauxite Ltd Timeline

Newswire
December 10 2013

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