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Bass Metals Ltd

Publié le 27 mai 2016

Bass Transaction Update

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Bass Transaction Update

60d4e2d4-0a96-47a9-96ee-39c917d97bbc.pdf

26 May 2016

StratMin Global Resources Plc

("StratMin" or the "Company")

Bass Transaction Update

StratMin Global Resources Plc (AIM: STGR), London's only listed graphite production and exploration company, notes the announcement made by Bass Metals Ltd ("Bass") today regarding its proposed acquisition of the Company's 93.75 per cent. owned subsidiary, Graphmada Mauritius ("Graphmada"), (the "Proposed Disposal") and is pleased to report that Bass has now completed due diligence and that it will proceed with its offer to acquire the 93.75 per cent. of Graphmada it does not already own. A sale and purchase agreement is being negotiated in conjunction with the production of a circular to Stratmin shareholders ("Shareholders") convening a general meeting of the Company.

The proposed consideration of up to A$15.25 million for the remaining 93.75 per cent. of Graphmada values the business at A$16.267 million or approximately £8.0 million. This is, in the Board's opinion, a compelling valuation in comparison with the current market capitalisation of StratMin.

The consideration for the remaining 93.75 per cent. of issued shares in Graphmada will be settled as follows, subject to the satisfaction of a number of conditions precedent including, inter alia, approval by Shareholders and the raising of the necessary funds by Bass, on a roadshow shortly to be completed by Bass (further details on which below), to fund the initial cash payment as detailed below:

  1. A cash payment of A$1,500,000 (approximately £735,000), in cash;

  2. An equity payment of A$8,750,000 in Bass shares in the following 3 tranches:

  3. A$750,000 worth of Bass shares at a price of A$0.01 per share upon execution;

  4. A$3,000,000 worth of Bass shares upon achieving production output of 1,250t of graphite concentrate over three consecutive months ("Tranche 2"); and

  5. A$5,000,000 worth of Bass shares upon achieving production output of 2,500t of graphite concentrate over three consecutive months ("Tranche 3").

  6. A net smelter royalty of 2.5% capped at A$5,000,000 beginning six months after execution of the Proposed Disposal.

  7. At the close of trading on the ASX on 25 May 2016, Bass' mid-market share price was A$0.01.

    The Bass shares issued under Tranche 2 and Tranche 3 will be valued on Bass' volume weighted average share price over the 20 trading days immediately prior to the achievement of the production milestones.

    Bass has engaged Bizzell Capital Partners and Patersons Securities, two Australian based brokers with significant expertise in financing graphite projects, to assist with raising funds for the acquisition of Graphmada.

    The Board has considered the Proposed Disposal and the alternatives for funding the development of operations and believes that placing funding control under Bass, with operational support from StratMin and Tirupati, gives Shareholders the best available development proposition.

    The structure of the Proposed Disposal is designed to accommodate the regulatory requirements of both the Australian and London markets. As it involves disposal of StratMin's only significant asset, it is subject to Shareholder approval and will, unless the Company acquires another sufficiently large asset prior to the divestment of Graphmada, be classified as a fundamental change of business for StratMin as defined in the AIM Rules for Companies. If the Company is unable to acquire a sufficiently large asset before completion of the Proposed Disposal, StratMin will have six months to secure another asset or business, failing which it may be required to apply for readmission to AIM as an Investing Company.

    Stratmin intends to shortly send a circular to Shareholders detailing the Proposed Transaction and convening a general meeting of the Company to seek the required Shareholder approvals, in accordance with the AIM Rules for Companies.

    The Board has been pursuing a number of corporate opportunities and is confident that it will be able to complete a transaction within the six months following completion of the Proposal Disposal and maintain the admission of its ordinary shares to trading on the AIM Market.

    For further information please visit www.stratminglobal.com or contact:

    StratMin Global Resources Plc

    Brett Boynton, CEO

    +44 (0) 20 3691 6160

    Strand Hanson (Nominated & Financial Adviser)

    Rory Murphy / Ritchie Balmer

    +44 (0) 20 7409 3494

    Beaufort Securities (Broker)

    Jon Bellis

    +44 (0) 20 7382 8300

    Optiva Securities (Broker)

    Christian Dennis

    +44 (0) 20 3137 1903

Lire la suite de l'article sur www.publicnow.com

Bass Metals Ltd

PRODUCTEUR
CODE : BSM.AX
ISIN : AU000000BSM8
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Bass Metals est une société de production minière de plomb et de zinc basée en Australie.

Bass Metals est productrice de plomb, de zinc, d'argent, de cuivre et d'or en Australie, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc en Australie.

Son principal projet en production est QUE RIVER MINE en Australie, son principal projet en développement est HELLYER MINE en Australie et ses principaux projets en exploration sont WHYTE RIVER, HEAZLEWOOD, STERLING VALLEY, MAGNET JV, LYNCHFORD JV, LEVEN RIVER JV, OONAH JV, MT CHARTER et FARRELL en Australie.

Bass Metals est cotée en Australie. Sa capitalisation boursière aujourd'hui est 417,3 millions AU$ (299,4 millions US$, 257,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 18 février 2011 à 0,47 AU$, et son plus bas niveau récent le 27 juin 2014 à 0,00 AU$.

Bass Metals possède 1 368 150 016 actions en circulation.

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Nominations de Bass Metals Ltd
28/08/2008Appointment of new Exploration Manager
Projets de Bass Metals Ltd
09/12/2011Commercial Robustness of Hellyer Gold Project
20/10/2011McKay High-Grade Hit
28/07/2010(Hellyer Mine)Positive Gold Processing Scoping Study Outcomes
27/01/2010(Hellyer Mine)to Develop its Second Base Metals Mine in Tasmania
18/08/2009(Hellyer Mine)Updated Fossey Zone Resource
23/06/2009(Hellyer Mine)Hellyer Mine Lease Transfer & Tails Resource Update
17/02/2009(Que River Mine)Que River Drilling Update
10/02/2009(Que River Mine)Que River Ore Reserve Upgrade
04/02/2009(Hellyer Mine)Fossey Zone Drilling Update
11/12/2008(Hellyer Mine)Expands Growth Horizons With Landmark $4m Hellyer Mill Acqui...
14/11/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
30/09/2008(Hellyer Mine)Fossey Zone Resource - Doubles Hellyer Resources
26/09/2008(Que River Mine)Delivers Maiden $1.8M Net Profit Underpinned by Strong Produ...
08/09/2008(Que River Mine)Hellyer & Que River Mine Update
19/08/2008Further Progress on High-Grade Polymetallic Mineralisation a...
01/07/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
23/06/2008(Que River Mine)Que River Mine Operations Update
02/05/2008 Fossey Zone - High Grade Drill Intercept
17/04/2008(Hellyer Mine)Hellyer Mine Project- High Grade Drill Intercept
10/03/2008Bass Metals: Fossey Zone, Hellyer - Further High Grade Assay...
27/02/200819 Metre High Grade Intersection at Fossey Zone, Hellyer
12/02/2008 Further High Grade Base Metal Intersections at Fossey Zone
Communiqués de Presse de Bass Metals Ltd
27/05/2016Bass Transaction Update
04/12/2015Bass Transaction Update 4 December 2015
18/09/2015Bass Metals Ltd Investment Update
29/12/201330.12.2013 Quarterly Activities Report
25/10/2011MD Interview =e2?? Quarterly and Capital Raising
25/10/2011September Quarterly Report - A Strong Recovery
13/10/2011Open Investor Forums - Brisbane, Sydney, Melbourne, Perth an...
15/09/2011Prospectus and Update Interview
20/07/2011Rebuilding Lost Value
15/06/2010European Investor Roadshow
11/06/2010New Broker Research from Intersuisse
29/01/2010December 2009 Quarterly Report Of Activities & Cashflow
05/10/2009Hellyer Toll Treatment Letter of Intent
28/09/2009Bass poised for strong growth after sharp increase in profit
14/09/2009Reaches Agreement to Extend Que River Ore Sales
30/07/2009June 2009 Quarterly Report
11/03/2009Delivers $4.5M First Half Profit on Strong Que River Perform...
24/12/2008Drilling Update
20/08/2008Iron, Tin & Tungsten - new Joint Venture
30/07/2008June 2008 Quarterly Activities Report
17/07/2008Metal - Hellyer Project Drilling Update - Fossey Zone Strike...
15/05/2008Exploration & Development Update
24/04/2008Stong March Qtly Report
24/04/2008Quarterly Activities Report - March 2008
31/01/2008December 2007 Quarterly Activities Report
21/12/2007Final Update for 2007
21/11/2007Patersons Research Report
26/06/2007Signs Key Que River Off-take Agreement with Zinifex
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