Australian Gold Investments Ltd (“AGV” or the “Company”) is pleased to advise that the Company has resolved to issue 29 million ordinary fully paid shares at an issue price of 7 cents per share to raise approximately $2 million. Hartleys Limited is Broker to the Offer.
On 25 June 2010, AGV announced that the Company had entered into binding agreements to acquire 80% of the South Johnstone bauxite province in Queensland and 80% of the Ravenshoe, Ravenshoe East and Atherton bauxite projects in Queensland (together, the “Bauxite Projects”), from Volcan Holdings Inc (“Volcan”) a NASDAQ / OTCBB listed company.
The Bauxite Projects are Exploration Licenses EPM18138, EPM18139, EPM18140, EPM18463 and EPM18464. The Company will require shareholder approval to complete the acquisition of the Bauxite Projects. AGV expects to complete the acquisition of the Bauxite Projects at a shareholder meeting to be held in September 2010.
The monies raised pursuant to the capital raising will be applied towards the progression of the Bauxite Projects, and for working capital.
To read full announcement click here:
AGV Raises $2M to Advance Bauxite Projects