Bauxite Resources steady in ASX debut

East Perth-based bauxite explorer Bauxite Resources Ltd has remained steady in its debut on the Australian Securities Exchange, closing up 0.5 cents after raising $7.5 million in its initial public offer.

The company reached a high of 22 cents over the day, after opening at 21.5 cents.

With the funds raised, Bauxite Resources will fund exploration of three bauxite projects in Western Australia.

The company, which issued 25 million shares at 20 cents each to raise the money, has applied for 25 tenements covering over 5,459 sqkm in the Kimberley's Mitchell Plateau and the Darling Ranges.

Bauxite Resources is chaired by former Atkins and Co Lawyers principal Luke Atkins in an executive capacity.

Mr Atkins, who will also serve as company secretary, is joined on the board by geologist Neil Lithgow and lawyer Robert Nash.