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PROJECT|Drilling
PROJECT|Drilling
project|drilling

Bass raises cash for Graphmada

14th December 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Bass Metals will raise A$3.3-million through a share placement to fund resource drilling and part of the Stage 2 expansion at its Graphmada large flake graphite project, in Madagascar.

Shares for the placement will be issued at a price of 1.25c each, with subscribers to the placement also receiving one unlisted option, exercisable by the end of December 2020, at a price of 5c each, for every two shares issued.

Bass said on Friday that completion of the share placement would leave the company with some A$5.5-million in cash and receivables on hand.

Bass is aiming to deliver the Stage 2 expansion of its Graphmada project over the next 12 months, increasing production volumes from the current 6 000 t/y to 20 000 t/y.

Funds from the share placement will also go towards resource drilling, with Bass seeking to delineate an increased mineral resource, and to declare a maiden ore reserve for the Graphmada project.

Edited by Creamer Media Reporter

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