Australian Bauxite (ASX: ABZ) has been granted a trading halt by the ASX pending details of a proposed capital raising, with the company's shares placed in pre-open.
Australian Bauxite has not yet indicated where the potential inflow of funds will be allocated, but the company recently expanded Pre-Feasibility Studies at the Goulburn Bauxite Project due to thick bauxite discovered earlier in the year.
Importantly - over half of the 38 million tonne resource has been identified as high grade.
Pre Feasibility Study Metallurgical Tests confirmed that the remaining 47% of total identified bauxite resources, called PDM-DSO bauxite, contains dense, hard, magnetic emery nodules that are easily recovered by gravity screening for sale, leaving the remaining 70% light fraction as DSO grade bauxite.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 6th June.
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