First Bauxite Corporation Announces Closing of Non-Brokered Private Placement
2013年12月6日 - 1:26AM
Marketwired
First Bauxite Corporation Announces Closing of Non-Brokered Private
Placement
TORONTO, ONTARIO--(Marketwired - Dec 5, 2013) - First Bauxite
Corporation ("First Bauxite" or the "Company") (TSX-VENTURE:FBX)
(FRANKFURT:FBI) (BERLIN:FBI) is pleased to announce that, further
to its news release issued November 25, 2013, it has now closed the
non-brokered private placement (the "Private Placement") to
Resource Capital Fund V LP ("RCF") of 40,000,0000 common shares at
a price of $0.125 per common share raising a total of
$5,000,000.
RCF and its affiliates now hold an aggregate of approximately
45.5% of the Company's outstanding common shares on an undiluted
basis and approximately 51.9% on a fully diluted basis (assuming
conversion of the convertible notes issued to RCF and the exercise
of the warrants issued to RCF and its affiliates pursuant to the
2012 private placement with the Company). In addition, RCF holds an
option to purchase additional notes from the Company in the
aggregate principal amount of U.S.$20 million which will be
convertible into common shares of the Company. As the number of
common shares of the Company issuable to RCF is contingent, in
part, upon future values and share prices, the number of shares
that RCF could acquire should it purchase the additional notes and
exercise its conversion rights in full cannot be determined as at
the date of this press release. Under the terms of the subscription
agreement with RCF, RCF was granted a non-dilute right to maintain
its percentage ownership of the Company's securities. Mason Hills,
a partner of RCF, has been nominated for election to the board of
directors of the Company at the December 18, 2013 annual
shareholders' meeting, pursuant to the terms of the subscription
agreement.
The common shares issued pursuant to the Private Placement are
subject to a statutory hold period which expires on April 6, 2014.
A material change report of the Company will be filed on SEDAR
(www.sedar.com) later today. The material change report is being
filed less than 21 days prior to the closing of the Private
Placement due to the short time span between the signing of the
subscription agreement on November 22, 2013 and the closing of the
Private Placement, arising from the immediate cash needs of the
Company.
The Private Placement remains subject to the final approval of
the TSX Venture Exchange.
The proceeds of the Private Placement are designed to allow the
Company to improve its financial position and to proceed with its
work programs including: (i) completing the Preliminary Feasibility
Study, first announced on February 14, 2013 and June 25, 2013, on
the viability of manufacturing ceramic proppants from the bauxites
and kaolin hosted by the deposits in our Bonasika Mining License;
(ii) proceeding with limited Phase I pre-production work over the
Bonasika Mining License, inclusive of haul road and Bonasika 7 pit
and waste dump preparation; and (iii) exploring the twenty (20)
Prospecting Licenses under application in the areas adjacent to the
Bonasika Mining License and the Tarakulli Permission for Geological
and Geophysical Survey which hosts the Tarakulli and Canje
prospects where historical drilling has indicated metallurgical
grade bauxite. The Company believes that these programs will
enhance the long-term prospects of the Company and will attract
additional investment in the Company from other sources of
financing.
About First Bauxite
First Bauxite Corporation (TSX-VENTURE:FBX) is a Canadian
natural resource company engaged in the exploration and development
of bauxite deposits in Guyana, South America. The Company has its
head office in Toronto and is managed by experienced geoscientists
and business development professionals with worldwide experience in
the exploration and mining business across a number of mineral
commodities. The mission of First Bauxite is to become a near term,
medium size producer and supplier of high quality refractory grade
sintered bauxite. For further information on First Bauxite
Corporation, please visit our corporate website at
www.firstbauxite.com.
On behalf of The Board of Directors of First Bauxite
Corporation
Hilbert N. Shields, President & CEO
Certain statements contained herein constitute "forward-looking
statements". Forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"will", "anticipates", "believes", "intends" and similar
expressions. These statements include, but are not limited to,
statements regarding the approval of the Private Placement by the
TSX Venture Exchange and the ability of the Company to raise future
financing. These forward-looking statements are based on current
expectations and entail various risks and uncertainties. Actual
results may materially differ from expectations, if known and
unknown risks or uncertainties affect our business, or if our
estimates or assumptions prove inaccurate. Factors that could cause
results or events to differ materially from current expectations
expressed or implied by the forward-looking statements, include,
but are not limited to, the effect of capital market conditions and
other factors on capital availability and the availability of
approval of the Private Placement by the TSX Venture Exchange.
Readers are cautioned not to place undue reliance on the
forward-looking statements contained in this press release. Except
as required by law, the Company assumes no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or any other reason.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
First Bauxite CorporationHilbert N. ShieldsPresident &
CEO416-613-0910www.firstbauxite.com
First Bauxite Corporation (TSXV:FBX)
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First Bauxite Corporation (TSXV:FBX)
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