rns3 Mar 2016 07:18
fully taken up
BASE RESOURCES LIMITED
Successful Completion of Institutional Entitlement Offer
Base Resources Limited (ASX & AIM: BSE) (“Base Resources”) is pleased to announce the successful completion of the accelerated institutional component (“Institutional Entitlement Offer”) of the 1 for 3.35 renounceable entitlement offer announced on 29 February 2016 (“Entitlement Offer”), as part of the capital raising to raise gross proceeds of approximately A$10 million at A$0.06 per share (“Offer Price”).
The Institutional Entitlement Offer, together with the institutional shortfall bookbuild, was fully subscribed and will raise gross proceeds of approximately A$8.3 million for the issue of approximately 137.5 million fully paid ordinary shares (“New Shares”). The institutional shortfall bookbuild was completed on Wednesday, 2 March 2016, and was well supported by both existing major shareholders and new institutional investors, with all institutional shortfall shares being subscribed for at the Offer Price.
Settlement of the Institutional Entitlement Offer is scheduled for Thursday, 10 March 2016, with the New Shares expected to commence trading on Friday, 11 March 2016. On issue, the New Shares will rank equally in all regards with existing Base Resources ordinary shares.
Base Resources’ Managing Director, Tim Carstens, said: “We have been delighted with the strong support demonstrated by our existing institutional shareholders, including that of Pacific Road Capital in additionally ensuring the success of the Entitlement Offer by providing a significant sub-underwriting commitment, and also the level of interest from new investors. We welcome the new shareholders to Base Resources’ register, and also look forward to the participation of our eligible retail shareholders in the retail entitlement offer.”
Commencement of the Retail Entitlement Offer
The Entitlement Offer to existing retail shareholders (“Retail Entitlement Offer”) opens on Thursday, 10 March 2016 and is expected to close at 5.00pm (Sydney time) on Thursday, 24 March 2016. Shareholders who are eligible to participate under the terms of the Retail Entitlement Offer will be offered the opportunity to subscribe for 1 New Share for every 3.35 existing Base Resources shares held at 7.00pm (Sydney time) on Thursday, 3 March 2016 at the Offer Price of A$0.06 per share. This is the same entitlement ratio and Offer Price as applied to the Institutional Entitlement Offer.
Eligible retail shareholders should carefully read the Retail Entitlement Offer Booklet and the personalised entitlement and acceptance form, which are expected to be mailed to eligible retail shareholders on Wednesday, 9 March 2016. The Retail Entitlement Offer is only being extended to shareholders with a registered address in Australia, New Zealand or the United Kingdom. Notification to those retail sharehold
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