Bass exercises options, raises A$4.5m
PERTH (miningweekly.com) – Graphite miner Bass Metals will exercise 180-million options, with the exercise proceeds valued at A$4.5-million, representing 28% of the current listed options on issue.
The ASX-listed company told shareholders that Bass had entered into an underwriting agreement with Bizzell Capital Partners to underwrite the exercise of a portion of the company’s listed options.
Of the underwritten amount, Bizzell has entered into agreements with a number of option holders for around A$2.5-million to be exercised immediately, and for the balance to be exercised prior to the end of June, to provide Bass with near-term funding.
As part of the early option exercise, Bass directors have committed to exercise options valued at A$200 000, with all senior management also committing to the early exercise for some of their options.
Bass CEO Tim McManus said on Friday that the exercise of options was a pleasing outcome, and allowed the company to continue to pursue its overall strategy to become a substantial producer of industrial concentrates.
“We are pleased with the ramp-up at Graphmada and excited to be in proximity to cash flow. We look forward to leveraging off all the hard work and experience gained from Stage 1 to move to Stage 2 of the upgrade and expansion at Graphmada, while conducting advanced exploration at some of our highly prospective tenements, in particular Millie’s Reward.”
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation