By Devika Patel
Knoxville, Tenn., Sept. 18 - Bauxite Resources Ltd. said it raised A$57 million in a "heavily oversubscribed" private placement of shares.
The company sold 60 million ordinary shares at A$0.95 per share.
Petra Capital was lead manager, and BGF Equities also assisted in the placement.
Proceeds will be used to fund infrastructure enhancements, to increase shipping tonnages and for a refinery bankable feasibility study.
The East Perth, Australia, company explores for bauxite deposits.
| Issuer: | Bauxite Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$57 million
|
| Shares: | 60 million
|
| Price: | A$0.95
|
| Warrants: | No
|
| Agents: | Petra Capital (lead) and BGF Equities
|
| Settlement date: | Sept. 18
|
| Stock symbol: | Australia: BAU
|
| Stock price: | A$1.20 at close Sept. 18
|
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