Ann: Bass achieves excellent concentrate optimisation results, page-53

Hi, after a positive vote, the company will be able to issue up to 25% of its issued capital (15% do not recquire any vote, and an additional up to 10% recquire an AGM vote valid for one year)

At current market cap, this means up to 5M$. However by next year the arlet cap hopefully will be multiples of today. that is why i am not worried about dilution. the higher the stock price, the lower the dilution (number of shares necessary to attain a certain amount of raised money).

Page 7, notice of AGM :

7. RESOLUTION 4: APPROVAL OF 10% PLACEMENT CAPACITY

7.1 General

ASX Listing Rule 7.1A enables eligible entities to issue Equity Securities up to 10% of their issued capital though placements over a 12 month period after the annual general meeting (“10% Placement Facility”). The 10% Placement Facility is in addition to the Company’s 15% placement capacity under Listing Rule 7.1.

An eligible entity for the purposes of Listing Rule 7.1A is an entity that is not included in the S&P/ASX 300 Index and has a market capitalisation of $300 million or less. The Company is an eligible entity, having a market capitalisation of $20,283,494 as at the date of this Notice.

The Company is now seeking Shareholder approval by way of a special resolution to have the ability to issue Equity Securities under the 10% Placement Facility.

The exact number of Equity Securities to be issued under the 10% Placement Facility will be determined in accordance with the formula prescribed in Listing Rule 7.1A2 (refer to Section 7.2(c) below).

The Directors believe that Resolution 4 is in the best interest of the Company and unanimously recommend that Shareholders vote in favour of this Resolution.


At the date of the Annual General Meeting, the Company has on issue 1,193,146,729 Shares therefore has a capacity to issue: (i) 178,972,009 Equity Securities under Listing Rule 7.1, and (ii) 119,314,672 shares under Listing Rule 7.1A, subject to the Shareholder approval being sought under Resolution 4.



Minimum Issue Price

The issue price of Equity Securities issued under Listing Rule 7.1A must be not less than 75% of the VWAP of Equity Securities in the same class calculated with reference to over the previous 15 trading days on which trades in the relevant class of shares were recorded immediately before: (i) the date on which the price at which the Equity Securities are to be issued is agreed; or (ii) if the Equity Securities are not issued within 5 Trading Days of the date in paragraph (i) above, the date on which the Equity Securities are issued.

10% Placement Period

Shareholder approval of the 10% Placement Facility under Listing Rule 7.1A is valid from the date of the annual general meeting at which the approval is obtained and expires on the earlier to occur of: (i) the date that is 12 months after the date of the annual general meeting at which the approval is obtained; or (ii) the date of the approval by shareholders of a transaction under Listing Rules 11.1.2 (a significant change to the nature or scale of activities) or 11.2 (disposal of main undertaking) (“10% Placement Period”).