Western Australia-based Pacific Bauxite is back on the bourse, following a successful recapitalisation process which raised equity capital of $4.5 million via the issue of 22.5 million new shares.
With a strong, well-capitalised balance sheet that is free of all debt and creditor claims and a cash balance of more than $4 million, the company says it is well-positioned to kick off its planned exploration programs on its current projects.
Non-Executive chairman Peter Lewis said Pacific Bauxite had emerged from the recapitalisation process in a significantly stronger position after two years of planning and hard work.
“We are now well-funded to complete our planned exploration activities. We have a fantastic set of assets which have the potential to deliver significant value to shareholders,” he said.
The company is dedicated to pursuing early-stage exploration opportunities that are strategically aligned and have the potential to deliver value and growth for shareholders.
With a strong focus on green metals, Pacific Bauxite aims to advance its highly prospective land holdings in an emerging premier nickel and platinum group elements (PGE) jurisdictions, with the focus initially on exploration activities at its recently acquired PGE Projects (Sylvania, Challa, Bulga, Boodanoo and Melbourne) located in the Eastern Goldfields and Pilbara regions of Western Australia.
The company will also look to progress its Darling Range PGE Project exploration licence application to grant to enable ground exploration activities.