Queensland Bauxite (ASX:QBL) has been granted an ASX waiver to enable the immediate completion of its $910,000 placement to China Bauxite Trading & Investments Company (CBTIC).

The company had earlier this week said it will place 65,000,000 ordinary shares at $0.014 per share with attaching 5 million options exercisable at $0.03 per share expiring on 28 February 2018 to CBTIC.

This is at the same share price as the current non-renounceable issue on offer to QBL shareholders of one share for every four shares held at an issue price of $0.014 per share.

Proceeds will be used finance further development of the South Johnstone Bauxite project, which could start production in 2015.

As a result of this placement CBTIC will become the second largest shareholder in QBL. The placement was initiated by CBTIC.

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