Queensland Bauxite Limited (ASX: QBL) update on the re-compliance

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Due to current market conditions, the company has recognized that the intended capital raise at 8c is no longer an immediate practical option. As previously advised, the directors intend to utilize their discretion to allocate the raising to shareholders, in accordance with the size of their shareholding and the length of time the shareholders have held their shares, the Board has decided that the revised offer under the compliance will be a discounted raising exclusively to shareholders of ASX:QBL. It has been determined by the board that the exclusive offer, at 3.5c per share and one attaching 18-month option at 10c exercise price for every two shares subscribed for, will be for a minimum raising of $2M and an oversubscription up to a maximum raising of $6M.

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Meanwhile, the group is venturing into many acquisition moves like that of Medcan Australia.

The company last traded at a market price of $0.037 and has seen a performance change of 236.36% over the past 12 months. The securities of Queensland Bauxite are now suspended from quotation post the Company’s update on amending the terms of the transaction requiring re-compliance.

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