PACIFIC BAUXITE LIMITED(PBX)

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

On 9 July 2020, an instrument prepared under Section 444A of the Corporations Act 2001 was executed by First Guardian Synergy Capital Pty Ltd, the Company and the Administrators, whereupon the instrument became a DOCA pursuant to Section 444B(6) of the Act. Richard Albarran and Cameron Shaw have been appointed as Deed Administrators, effective, 9 July 2020.

The DOCA proposal by First Guardian Synergy Capital Limited or its nominee(s) was accepted by creditors at the major meeting. The company has 15 business days from the date of acceptance, being 9 July 2020, to execute the DOCA.

The administrators request that the ASX refrain from issuing any shares and allow the entitlement offer to expire. They also request that the lapsing of the offer be announced to the market by the ASX.

The company has appointed Messers Richard Albarran and Cameron Shaw from Hall Chadwick as Voluntary Administrators to the company. The failure of the company's recent rights issue to attract to attract meaningful support coupled with the failure of negotiations to sell the company's bauxite deposits in the Solomon Islands has left Pacific Bauxite in a very vulnerable position.

The securities of Pacific Bauxite Limited will be suspended from quotation immediately under Listing Rule 17.3, following the appointment of voluntary administrators.

The suspension of trading in the securities of Pacific Bauxite Limited will be lifted immediately, following the release by the Company of an announcement regarding the Company's Solomon Islands Nendo Project.

In relation to the canceled prospecting license PL 01/16 held by Eight South, the JV is preparing its appeal in the High Court of Solomon Islands and has engaged legal counsel with previous successful experience with similar cases. The appeal process is estimated to take between six (6) and 12 months. In parallel to the appeal process, the Company is investigating whether opportunities for an agreed settlement are available to the JV that may provide an earlier beneficial resolution to the situation. Also, the suspension of operations at Nendo has enabled the Company to re-deploy personnel and equipment to the Company's other Solomon Islands project, the Southwest New Georgia Bauxite Project

The securities of Pacific Bauxite Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement regarding the Company's Solomon Islands Nendo Project.

name changed from Iron Mountain Mining Limited