First Bauxite enters into second extension agreement with note holders

First Bauxite Corporation announced that it has entered into a second extension agreement with its note holders to extend from February 29, 2016 to March 8, 2016 the maturity date in all the outstanding notes issued by the company to Pacific Road Resources Funds and Resource Capital Fund V L.P.

The company also agreed to revise the Tranche 2 Purchase Date to March 8, 2016 in the note purchase agreement dated October 30, 2015 between the company and Resource Capital Fund VI L.P. related to the 8 per cent interest bearing convertible note issuable to RCF VI in the principal amount of US$11,000,000.

All other terms of the transaction remain in place as described in the company's news releases dated October 30, 2015 and January 19, 2016. The existing debt roll-over and tranche 2 closings remain subject to the satisfaction of certain closing conditions contained in the note purchase agreement and amending agreements between the parties.

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