First Bauxite Corporation closes first tranche of non-brokered private placement and announces rollover of existing debt

30 October 2015

On October 30, 2015, First Bauxite Corporation (TSXV: FBX) (FRANKFURT: FBI) (BERLIN: FBI) announced that it had closed the first tranche of a non-brokered private placement to Resource Capital Fund VI L.P. of an aggregate of US$15 million principal amount secured convertible notes bearing 8% interest and maturing August 1, 2017 (the "Notes").

The company also entered into amending agreements with its current note holders to replace its outstanding notes having an aggregate principal amount of approximately CAD$16.3 million and US$4 million and maturing January 19, 2016, with new convertible notes having substantially the same terms and conditions as the Notes, including interest rate, maturity date and conversion features.

First Bauxite is a Canadian natural resource company headquartered in Toronto which is engaged in the exploration and development of bauxite deposits in Guyana, South America.

We advised First Bauxite in this transaction with a team that included Jeff Zabalet and Raymond Ong (corporate finance) and Christopher Alam (financial services).


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