RCF closes $15 mln private placement deal with First Bauxite

U.S. mining private equity firm Resource Capital Funds (RCF) has closed the second tranche of a US$15 million private placement deal with First Bauxite Corp (TSX-V: FBX). Earlier this month, RFC was issued US$11 million in a convertible note. The first tranche, which totaled US$4 million, closed in October. RCF also holds an option to purchase up to US$20 million in additional notes from the company. Toronto-based First Bauxite is an explorer and developer of bauxite deposits in Guyana. The deal's proceeds are intended to support the company's financial position and bauxite project work.

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