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Share Price: 14.50

Bid: 14.00

Ask: 15.00

Change: 0.15 (1.05%)

Spread: 1.00 (7.143%)

Open: 14.70

High: 14.85

Low: 14.25

Prev. Close: 14.35

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Base Resource To Draw Down Remaining Funds In Taurus Facility (ALLISS)

Wed, 03rd Jun 2015 07:39

LONDON (Alliance News) - Base Resources Ltd Wednesday said it intends to draw down the remaining USD17 million of its unsecured debt facility with Taurus Funds Management.

The funds, which are expected to be drawn down on June 18, are set to fund the USD15 million liquidity injection required under the terms of the Kwale Project debt facility restructuring completed in November 2014. The remainder of the funds will be used to provide working capital.

Base Resources will issue 30.7 million options over new shares. Taurus can exercise the options at AUD0.40 at any time up to and including December 31 2018.

Shares in Base were untraded in London on Wednesday. The stock last traded at 8.00 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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