Mining company First Bauxite to go private with RCF

First Bauxite Corp (TSX-V: FBX) has entered into a going private transaction with U.S. mining private equity firm Resource Capital Funds (RCF), the company's majority shareholder. The deal will be done partly through a consolidation of First Bauxite's common shares, increasing RCF's ownership to 100 percent. RCF earlier converted its outstanding convertible debt held in First Bauxite, valued at more than $43 million, into equity, raising its stake to about 90.7 percent. Shareholders will vote on the deal later this year. First Bauxite, a Canadian natural resources company, explores and develops bauxite deposits in Guyana. It has its head office in New Orleans.

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