PERTH (miningweekly.com) – ASX-listed Bass Metals will raise up to A$4-million through a tranched issue of convertible notes, allowing Bass to continue exploration to underpin its planned large-scale graphite mining and processing operations.
An initial tranche of A$1.41-million of convertible notes has already been subscribed for by a number of investors, with Bass also receiving commitments for a further tranche of A$1.1-million of convertible notes.
“We’ve had a much stronger quarter with production, sales and revenue setting several records post commissioning at Graphmada,” CEO Tim McManus said on Friday.
“Crucially, post investment at site, Graphmada is now consistently producing at the critical 94% fixed carbon and will average at or above 94% for the June quarter.”
McManus said that with the funding package, Bass will be undertaking exploration aimed at additional mineral resources to underpin plans for the future development of large-scale mining and processing operations.
“This will commence with extensive drilling at Mahela and tabling the results of the recently completed drill programme at Mahefedok. In parallel, we look forward to continued improvement at Graphmada and anticipate growing revenues, production tonnes and sales over the coming quarter and beyond.”
The convertible notes will have an interest rate of 15% a year and a maturity date of June 15, 2021.