VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - FIRST BAUXITE CORP. ("First Bauxite" or the "Company") (TSX VENTURE:FBX) - Phase 1 Financing - Principal Terms of Closing First Bauxite and the Pacific Road Resources Funds (the "Subscribers") are pleased to announce that, further to the June 4, 2009 joint news release, they have closed Phase 1 (the "Phase 1 Financing") of a two phase financing, pursuant to a note purchase agreement for gross proceeds of C$8 million to the Company. On the closing: (i) gross proceeds of C$3 million were paid to the Company in exchange for the issuance of convertible notes in the aggregate principal amount of C$3 million; and (ii) gross proceeds of C$5 million (the "Escrowed Proceeds") and convertible notes in the aggregate principal amount of C$5 million (the "Escrowed Notes") were... [read full story]
