Bauxite Resources to issue loyalty options

Emerging Australian bauxite explorer, Bauxite Resources Ltd will undertake a...

  Emerging Australian bauxite explorer, Bauxite Resources Ltd will undertake a pro-rata, non-renounceable entitlement issue of options to shareholders as foreshadowed in its prospectus.The company will lodge a prospectus with the Australian Securities and Investments Commission (ASIC) for the issue of up to 53,818,750 options on a one-for-two basis (one option for every two ordinary shares held) at an issue price of 1 cent per option. The options will have an exercise price of 20 cents prior to the option expiry date of January 31, 2009.All shareholders registered as at 5:00 pm WST on February 1, 2008 are entitled to participate in the rights issue of options. The prospectus and a personalised acceptance form will be dispatched to eligible shareholders (registered as holding shares in the company as at the record date of February 1, 2008) on or about February 7, 2008.The closing date for acceptances is anticipated to be 5:00 pm WST on March 17, 2008 (unless the offer is extended) and the company will apply to the ASX for official quotation of the options.