Pacific Bauxite raises funds for exploration
PERTH (miningweekly.com) – ASX-listed Pacific Bauxite will raise up to A$3.5-million to fund the acceleration of bauxite exploration at its Nendo and South West New Georgia projects, in the Solomon Islands.
The company said on Friday that A$2.5-million would be raised through an oversubscribed share placement, with Pacific Bauxite expected to issue more than 86.2-million shares, at a price of 2.9c each.
Every two shares would be issued with one free attaching option, which could be exercised at 6c each within three years of issue.
The share placement would be completed in two tranches, with the first tranche comprising 42.3-million shares, and would be issued under the company’s existing placement capacity. The second tranche of 14.9-million shares would be placed subject to shareholder approval.
In addition to the share placement, Pacific Bauxite would also conduct a share purchase plan, allowing existing shareholders to subscribe for some A$1-million worth of new shares.
“The support we have received for the placement is very encouraging,” said Pacific Bauxite nonexecutive chairperson, John Ciganek.
“We have strong belief in the potential of our projects to host significant bauxite orebodies, and look forward to unlocking their significant potential in the coming months.”
Funds raised would be used to accelerate exploration at the Solomon Island projects, as well as resource estimation work and for general working capital.
Exploration at Nendo is currently under way, with work targeting higher grade zones of bauxite mineralisation identified in the previous phase of exploration.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
