(MENAFN- ProactiveInvestors)
() directors have acquired further shares in the company worth $367500 from the recent entitlement offer to shareholders.
Executive chairperson Pnina Feldman and executive director Sholom Feldman acquired 26250000 shares at $0.014 in the offer through Volcan Australia as they took up their full allocation as the company.
QBL is looking to develop the South Johnston bauxite project near Innisfail and 20 kilometres from the Port of Mourilyan.
The company's coffers have been heartily filled with a raising of $910000 in equity funding from a Chinese investment group China Bauxite Trading & Investments Company founded by a former China Non Ferrous Metal Corporation executive.
CBTIC took the placement at $0.014 per share at the same share price as the entitlement offer.
The rights issue raised $1782167 and was fully subscribed. The company also had $4340000 in cash at March quarter end.
South Johnstone is being positioned as one of few Australian bauxite projects that could move into production in 2015 given location to the Port available export capacity relative CAPEX and OPEX and mining costs.
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