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Bass Metals (ASX:BSM) - CEO, Tim McManus (left) & Executive Director, Peter Wright (right)
CEO, Tim McManus (left) & Executive Director, Peter Wright (right)
Source: Finance News Network
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  • Bass Metals (BSM) has successfully completed the first phase of a $2.85 million equity raising
  • The company has raised $1 million from a placement and has received commitments for a $1.35 million conditional placement
  • Up to 940 million shares will be issued under both placements at a price of $0.0025 each
  • Bass Metals has also prepared a share purchase plan to raise the remaining $500,000
  • Shareholders will each be able to purchase up to $30,000 worth of shares at the same price as the placement
  • The $2.85 million will be used to undertake further exploration at the Mahela and Mangabe deposits, and progress a definitive feasibility study at the Graphmada project
  • Shares in Bass Metals have dropped 12.5 per cent and are currently trading for 0.4 cents each

Bass Metals (BSM) has successfully completed the first phase of a $2.85 million equity raising.

Placement

The company has raised $1 million from a placement to professional and sophisticated investors and has received commitments for a $1.35 million conditional placement.

Up to 940 million shares will be issued under both the placement and conditional placement at a price of $0.0025 per share.

This price represents a 37.5 per cent discount to the closing price on May 26 of 0.4 cents and a 34 per cent discount to the 15-day volume average price.

Shares from the placement are expected to settle on June 5 and be allocated on June 9.

Shareholder approval is required for the conditional placement and a shareholder meeting will be held in July.

Shares are expected to settle three days after the meeting.

Share Purchase Plan

Bass Metals has also prepared a share purchase plan to raise the remaining $500,000 of the $2.85 million.

Eligible shareholders will each have the opportunity to purchase up to $30,000 worth of new shares at a price of $0.0025 without incurring any brokerage or transaction costs.

The share purchase plan will open on June 5 and close on June 23. Shares will then be allocated on June 30 and trading with them can begin July 1.

“We thank our shareholders and convertible note holders for their continued support of Bass. We look forward to providing further updates on activities over the coming months,” CEO Tim McManus said.

Bass Metals will use the money from the placement, conditional placement, and share purchase plan to undertake further exploration at the Mahela and Mangabe deposits, progress mine development, and general working capital.

Money will also be used to progress a definitive feasibility study to increase production capacity at the Graphmada project in Madagascar.

Shares in Bass Metals have dropped 12.5 per cent and are trading for 0.4 cents each at 2:49 pm AEST.

BSM by the numbers
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