Queensland Bauxite agrees to investment by China Bauxite Trading

Queensland Bauxite has landed $910,000 in equity funding from a Chinese investment group in a placement at $0.014 per share to finance further development of the potentially 2015 producing South Johnstone Bauxite project.

In cash strapped commodity markets, China Bauxite Trading & Investments Company (CBTIC) will make the investment, founded by a former China Non Ferrous Metal Corporation executive.

QBL will issue 65,000,000 ordinary shares at $0.014 per share with attaching 5 million options exerciseable at $0.03 per share exerciseable on 28 February 2018 to CBTIC.

This is at the same share price as the current non-renounceable issue on offer to QBL shareholders of one share for every four shares held at an issue price of $0.014 per share.

The placement is being made under ASX Listing Rule 7.1 which provides a window for a company to place a percentage of their issued capital if previously approved by shareholders.

The issue will require an ASX waiver being granted. QBL said it anticipated the placement could take place on Friday 6th March.

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