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Queensland Bauxite plans A$3.1M rights offer to develop South Johnstone bauxite project

QueenslandBauxite Ltd. has offered a rights issue to shareholders to raise upto A$3.1 million for funding development of its flagship bauxite projectin Queensland, Australia, and to evaluate new projects.

The company said July 21 that it seeks to issue up to436,013,699 at 0.7 Australian cent per share to shareholders on record as ofJuly 27.

The shares will have 218,006,850 attaching options, one forevery two shares purchased, exercisable at 1.2 cents apiece until July 31, 2017.

In its technical review, the Queensland Department ofNatural Resources and Mines has decided to grant a minerals development licenseto Queensland Bauxite.

In a July 12 statement, the company said that it will now beable to conduct trial operations and export, as it looks to finalize thefeasibility assessment of the larger South Johnstone project.

According to the department, full feasibility could beconfirmed with trial mining of about 50,000 tonnes of bauxite.

Once the project feasibility is confirmed, the company willneed to secure a mining lease to continue production.

An October 2014 scoping study on the South Johnstone projectestimated a CapExrequirement of over A$5.1 million.