For new Visitors on the BAU thread I have copied the latest News here:
ASX/MEDIA RELEASE 18 January 2008 BAUXITE RESOURCES TO ISSUE LOYALTY OPTIONS • Confirms 1-for-2 entitlement issue of options expiring January 2009 (exercise price 20c). • Shareholders registered as at 1 February will be eligible to participate • Options anticipated to commence trading on ASX on 18 March 2008
Emerging Australian bauxite explorer, Bauxite Resources Limited (ASX: BAU), is pleased to advise that it will undertake a pro-rata, non-renounceable entitlement issue of options to shareholders as foreshadowed in its Prospectus. The Company will lodge a Prospectus with the Australian Securities and Investments Commission (ASIC) for the issue of up to 53,818,750 options on a one-for-two basis (one option for every two ordinary shares held) at an issue price of 1 cent per option. The options will have an exercise price of 20 cents prior to the option expiry date of 31 January 2009.
All Shareholders registered as at 5:00 pm WST on 1 February 2008 are entitled to participate in the rights issue of options. The Prospectus and a personalised acceptance form will be dispatched to eligible shareholders (registered as holding shares in the Company as at the record date of 1 February 2008) on or about 7 February 2008. Eligible shareholders who wish to subscribe for Options will need to complete and return the personalised Application Form that will accompany the Prospectus. The closing date for acceptances is anticipated to be 5:00 pm WST on 17 March 2008 (unless the Offer is extended) and the Company will apply to the ASX for official quotation of the options. Timetable and Important Dates* EVENT DATE Ex date 25 Jan 2008 Record date for determining entitlements to Options 1 Feb 2008 Anticipated opening date 7 Feb 2008 Anticipated closing date 17 Mar 2008 Expected date for securities to be quoted on a deferred settlement basis 18 Mar 2008 Expected end date for deferred settlement trading / despatch date 27 Mar 2008 Option expiry date 31 Jan 2009 *Key dates subject to final confirmation For Further information please contact: Graeme Smith Luke Atkins David McSweeney Company Secretary Executive Chairman Non Executive Director 08 9481 7288 08 9221 5019 0439 399 318
Bauxite Resources – Background
Bauxite Resources was founded in May 2006 for the purpose of securing tenements over land deemed prospective for bauxite mineralisation. It listed on the ASX on 22 October 2007 after closing its A$7.5 million IPO early and oversubscribed.
The Company is looking to establish itself in the Bauxite and alumina industries in Western Australia – home to four of the five Australian alumina refineries - and is the only ASX-listed junior explorer in the highly prospective Darling Range, which produces approximately 17% of the world’s alumina and is home to Alcoa’s Huntly Mine, the largest producing bauxite mine in the world.
The Company has applied for 30 tenements in the three project areas of Muchea, South Darling Range and Kimberley and is primarily focused on defining a sustainable, economic bauxite resource through an intensive exploration program to be undertaken in 2008/9. It will then look to develop a bauxite export industry by direct shipping and to further assess potential resources with a view to the development of an alumina refinery.
Results of General Meetings:
BAUXITE RESOURCES LIMITED ACN 119 699 982 35/82 Royal Street East Perth WA 6004 Phone (08) 9221 5019 Fax (08)9221 4385 18 January 2008
The Manager Companies Announcement Office Australian Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000 OUTCOME OF GENERAL MEETING The Directors advise that all resolutions detailed in the Notice of Meeting of Bauxite Resources Limited were passed by the requisite majority on a show of hands at the General Meeting of the Company held on 18 January 2008.
Listed below is a summary of the number of proxy votes cast in respect to each of the resolutions put to shareholders at the General Meeting: Resolution For Against Abstain 1. Election of David McSweeney as Director 56,097,650 Nil Nil 2. Approval of Grant of Options to David McSweeney 56,059,500 38,150 Nil Graeme Smith Company Secretary
For further information please go to www.bauxiteresources.com.au.
BAU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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