Just waiting for the funds to come in. By June 30th.
SHANDONG BUREAU RECEIVES FOREIGN INVESTMENT REVIEW BOARD APPROVAL FOR $9.85M BRL INVESTMENT
Strategic cornerstone investor to underpin BRL's aggressive development plans for Darling Range Bauxite Project.
Highlights
Foreign Investment Review Board (FIRB) officially approves placement of 19,700,000 BRL shares to the Shandong Provincial Bureau of Geology and Mineral Resources (SDGM), a government agency in China.
Placement to be made at $0.50 per BRL share, which represents a premium to the $0.43 closing price of BRL’s shares on 3 June and reinforces SDGM’s confidence in BRL’s Darling Range Bauxite Project.
Proceeds of the A$9.85m placement are to be received upon final approval by the Chinese regulatory authorities which is expected shortly. Funds to underpin fast-track development of Darling Range Bauxite Project.
Direct Shipping Ore (DSO) bauxite operation is scheduled to commence in Q3 this year with a trial spot shipment planned for delivery to the Shandong Province.
Happy days are coming.
BAU Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
