Highlights
- Bass has entered into an agreement with the vendor of the Graphmada graphite mine, Stratmin Global Resources Plc (“Stratmin”), for a substantial reduction in future milestone based payment obligations payable to Stratmin.
- Agreement provides for a material reduction of future obligations to Stratmin from previously up to A$13m to now a maximum of A$3.14m, on a revised and accelerated timeframe. The agreement delivers a reduction in the overall final price that Bass will pay for the operating Graphmada graphite mine from A$15.25m to just A$5.39m.
- In addition, Bass’ corporate advisor, Bizzell Capital Partners Pty Ltd, has arranged for the placement of Stratmin’s remaining shareholding in Bass (70m shares) to a number of existing Bass shareholders including all directors and key management.
- Bass proposes to undertake a capital raising of up to A$2,000,000 to facilitate this transaction and to allow Bass to continue to progress with its production optimisation plans at Graphmada.
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