STTCOMP QBL, FA Long ASX: QBL – Queensland Bauxite SP: 0.019 MC:...

STTCOMP QBL, FA Long

ASX: QBL – Queensland Bauxite
SP: 0.019
MC: $28M
Cash: $8.5M
Shares: 1.5B

QBL acquired a 55 per cent stake in Australian unlisted company Medical Cannabis Limited (MCL)

20 tonnes of certified low THC hemp seed for sowing has been secured.

To capitalise on the new market, Queensland Bauxite's subsidiary Medical Cannabis Limited (MCL) has successfully germinated a winter crop which will be ready for harvest around the time of legalisation.

The company says a prospectus is being finalised but no date has been given for the MCL IPO
The company announced that preference shares in the IPO will be given to shareholders in proportion to the number of shares being held in QBL and the length and time the shares have been held.

Kavasilas is the founding director of MCL and is recognised as a pioneer in the industry, having co-ordinated and funded cannabis related projects for 18 years. He's also the secretary of the Australian Hemp Party.

The Company aims to be Australia’s premier Australian hemp food producer, with
strategic alliances currently being formed to assist in the farming, harvesting,
manufacture, distribution, processing and marketing of the Vitahemp “gold star”
product range.

Also being planned with Aus and overseas partners will be a product range called VitaCann which will target the medical cannabis side.


Further lucrative value-adding strategic relationships and opportunities are actively
being pursued by the Company with the view to enhancing shareholder value, and will
be announced to the market as soon as any such deal is entered into by the Company
and when appropriate, as approved by the ASX.

From November 12, it will be legal to consume hemp food products in Australia and New Zealand after more than 15 years of lobbying from the hemp industry.



16^th October MDL (mineral development licence) approved for bauxite project, Full ML (mining lease) expected early 2018.
Full support from gov and community.

20klm from site to a deep water port with rail running through the project area.

The bauxite mineralisation at South Johnstone being close to surface and right off the main highway
adjacent to port, close to the Asian markets, means that the Company’s capital and operational costs are estimated to be of the lowest cost bauxite projects.
As previously reported in the Company’s released scoping study, capital expenditure is expected to be only approximately $5 million, and operating expenditure is expected to be only AUD$20.87 per tonne FOB Mourilyan Harbour.