Non-brokered offering raises proceeds for exploration, development
By Devika Patel
Knoxville, Tenn., Oct. 6 - First Bauxite Corp. said it sold 3,057,229 units in the first tranche of a non-brokered private placement that priced Sept. 17. It raised C$2.54 million in this tranche.
The company is selling a total of 4,855,422 units at C$0.83 apiece for C$4.03 million. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$1.075 until Oct. 5, 2012.
The strike price reflects a 19.44% premium to the Sept. 16 closing share price of C$0.90.
Proceeds will be used primarily for exploration and development activities on the company's Bonasika Mining license and the Waratilla Cartwright Prospect license, as well as for development and general working capital expenses.
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$4.03 million
|
| Units: | 4,855,422
|
| Price: | C$0.83
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Oct. 5, 2012
|
| Warrant strike price: | C$1.075
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 6 (for C$2,537,500)
|
| Stock symbol: | TSX Venture: FBX
|
| Stock price: | C$0.90 at close Sept. 16
|
| Market capitalization: | C$40.04 million
|
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