Pacific Bauxite raising capital for bauxite exploration in Solomon Islands
Pacific Bauxite Limited has announced that it will raise up to $3.5 million to fund exploration at its Nendo Bauxite Project (Nendo) and South-West New Georgia Bauxite Project (SWNG) in the Solomon Islands.
The company has received commitments to raise $2.5 million through a two tranche placement of fully paid ordinary shares and options to sophisticated investors (Placement). Funds will be used to accelerate exploration at its Solomon Islands bauxite projects, as well as for resource estimation work and general working capital.
Pacific Bauxite Non-Executive Chairman Mr. John Ciganek commented, “The support we have received for the placement is very encouraging. We have strong belief in the potential of our projects to host significant bauxite orebodies, and look forward to unlocking their significant potential in the coming months.”
Exploration at Nendo is now underway, with work is targeting higher-grade zones of bauxite mineralisation identified in the company’s previous phase of exploration.
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