First Bauxite extends due date of convertible notes to Feb. 29, 2016

Company also announces Feb. 29 settlement date for 8% convertibles

By Devika Patel

Knoxville, Tenn., Jan. 19 – First Bauxite Corp. said it extended the maturity date of the convertible notes it sold to Pacific Road Resources Funds and Resource Capital Fund V LP in private placements.

The notes’ maturity was altered to Feb. 29, 2016 from Jan. 19, 2016.

In addition, the company said it plans to settle the $11 million second tranche of its $15 million non-brokered private placement of 8% secured convertible notes with Resource Capital on Feb. 29. As previously reported, the company raised $4 million in the offering on Oct. 30.

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

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