re: Ann: Presentation - Mining 2010 Resources...Share Placement to raise $3.55 million to institutional investors to fund Bass Metals growth projects.
The placement is for 14.2 million shares at an issue price of 25 cents per share, a 13% discount to the 10 day volume weighted average closing price prior to the trading halt. The Placement was completed under the Companys available 15% placement capacity to professional and sophisticated investors. The shares will be allotted and issued following receipt of cleared funds by the Company.
Polymetallic producer, Bass Metals Ltd (ASX:BSM) (Bass or the Company) is pleased to announce it has commenced a $1.7 million definitive feasibility study (DFS) on further gold production, with the potential to add significantly to its Hellyer revenues following-on from its recent positive gold recovery scoping study results. The Company is targeting production of 110,000 ounces of gold equivalent (based on a 1:70 gold silver ratio) production per year with a conservative base case position of 40,000 ounces of gold equivalent per annum.
BSM Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
