Ann: Transformational Acquisition of the Toliara Sands Project, page-6

Capital raisings are never great for the short term share price, so it's bad news for the traders and those looking for a quick buck. However, I've previously owned shares in the old WTR before it was delisted and it is a quality asset. It's no surprise that Base and MDL both tried to acquire it previously. Not sure what's changed this time around, but with Kwale cash flows, Base will now have the financial means to develop the project and the timing is right. It's a big opportunity to move the company to the next level and the right one for Base and the long term shareholders.