Non-brokered offering raises proceeds for exploration, development
By Devika Patel
Knoxville, Tenn., Sept. 17 - First Bauxite Corp. said it has arranged a C$4.03 million non-brokered private placement of units.
The company will sell 4,855,422 units at C$0.83 apiece. Each unit will consist of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$1.075.
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: | Two years
|
| Warrant strike price: | C$1.075
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: FBX
|
| Stock price: | C$0.90 at close Sept. 16
|
| Market capitalization: | C$36.4 million
|
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