JOHANNESBURG (miningweekly.com) – ASX-listed Bass Metals has received the green light for its £2-million farm-in agreement in Aim-listed graphite producer StratMin's Loharano project, in Madagascar, after successfully completing due diligence of the operations.
Bass Metals would now own 35% of the project, which is held by StratMin subsidiary Graphmada Mauritius.
Having satisfied the primary diligence requirements, Bass would now move to fund the first tranche of the acquisition through the right to subscribe £500 000.
Initial conversations with investors had indicated keen interest and support of the strategy.
"Completion of the various technical, legal and commercial reviews is an important milestone for Bass in making this investment. Our initial announcement attracted a positive response from the London market and the collaboration between StratMin and Bass,” Bass Metals chairperson Rick Anthon commented.