Shandong Bureau Receives Final Chinese Regulatory Approval For A & #36;9.85 Million Investment in...

Thursday June 25 10:23 AM Perth, Australia, June 25, 2009 - (ABN Newswire) - Bauxite Resources Limited (ASX: BAU.AX)(PINK:BXRDF) has cleared the last hurdle prior to receiving the placement proceeds for a A$9.85m share placement from, the Shandong Provincial Bureau of Geology and Mineral Resources ("SDGM"). The placement price is at a premium to the closing price of BRL's shares on 23 June of A$0.44, reinforcing SDGM's confidence in BRL's ability to develop its extensive Darling Ranges land holdings into a profitable long-term bauxite production and export business. Upon receipt of the funds which are required to be received prior to 30 June 2009, BRL will then proceed with the allotment of 19,700,000 shares to SDGM at a price of A$0.50 per share - giving SDGM a stake of 13% in BRL following the placement. The cash injection... [read full story]                    

powered by