https://www.miningweekly.com

Base raises A$10m for working capital

29th February 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Mineral sands miner Base Resources has launched a partially underwritten accelerated prorata renounceable entitlement offer to raise about A$10-million.

The company said on Monday that shareholders would be offered one new fully paid ordinary share in Base for every 3.35 shares held, with the issue priced at 6c a share.

The offer price represented a 6.2% discount to the company’s 10-day volume weighted average price and a 26.8% discount to the company’s last closing price on the ASX on February 26.

The proceeds from the entitlement offer would be used on corporate activities and would allow Base to progress its strategic plan to increase production at its Kwale project, in Kenya.

Base started exports from its Kwale mineral sands project in 2014. The mine is being ramped up to produce 80 000 t/y of rutile, 360 000 t/y of ilmenite and 30 000 t/y of zircon. An optimisation push at Kwale is expected to increase the mine’s combined ilmenite, rutile and zircon output beyond 460 000 t/y.

Edited by Creamer Media Reporter

Comments

Showroom

Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.163s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: