New Issue: First Bauxite plans C$1.14 million private placement of equity units

By Devika Patel

Knoxville, Tenn., July 17 - First Bauxite Corp. said it will conduct a C$1.14 million non-brokered private placement of units.

The company will sell 1,378,530 units of one common share and one half-share warrant at C$0.83 apiece. Each whole two-year warrant is exercisable at C$1.00 in the first year and at C$1.10 in the second year.

Proceeds will be used for exploration and development activities on the company's bauxite licenses in Guyana.

First Bauxite is based in Vancouver, B.C., and explores and develops bauxite deposits.

Issuer:	First Bauxite Corp.
Issue:	Units of one common share and one half-share warrant
Amount:	C$1,144,179.90
Units:	1,378,530
Price:	C$0.83
Warrants:	One half-share warrant per unit
Warrant strike price:	C$1.00 in the first year, C$1.10 in the second year
Warrant expiration:	Two years
Agent:	Non-brokered
Pricing date:	July 17
Stock symbol:	TSX Venture: FBX
Stock price:	C$0.97 at close July 16
Market capitalization:	C$39.4 million

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