• Bass Metals Ltd has agreed to issue Convertible Notes (“the Notes”) to subscribers to raise A$2m from predominantly existing major shareholders, directors, and management.
• The Company is pleased to report strong demand and support from existing shareholders for the Notes which are issued on favourable terms to Bass.
• This funding allows the Company to continue its well-structured and planned Graphmada Mine Capital Improvement Plan and to remain on track for completion later this year.
• Delivery of the Capital Improvement Plan will result in the Company’s production increasing significantly with strong resultant positive cash flow expected.
• Directors and Management have subscribed for a significant portion of the Notes (subject to the necessary shareholder approvals).
• The Note issue leaves the Company in a strong financial position at 30 June 2017 – approximately A$3.2m in cash and receivables on hand.
Bass Metals Limited (ASX:“BSM”) (the “Company”) is pleased to announce it has completed the issue of Convertible Notes to the value of A$2m.
For further information please download PDF attached:
Download this document