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  • Base Resources To List On London AIM Market  0 comments
    Nov 29, 2012 8:10 PM

    Base Resources (ASX: BSE) plans to list on the AIM market of the London Stock Exchange as part of a strategy to capitalise on substantial UK and European investor interest in the company and its Kwale Mineral Sands Project.

    Admission to AIM is slated for on or about 2 January 2013 under the ticker BSE. Base's ordinary shares will continue to be listed and trade on the ASX.

    RFC Ambrian is acting as the company's nominated adviser and broker in relation to the AIM Admission.

    The international resource sector finance house is a leading nominated adviser for resource clients on AIM, including many dual ASX/AIM listed companies.

    The substantial progress by Base on its Kwale Mineral Sands Project has not been lost on investors in recent times, with investor buying picking up on the back of the achievement of financial close on the US$170 million project debt facilities last week.

    The company is currently trading at around A$0.30, 36% higher than the low of $0.22 it was trading at in late October.

    Base has achieved a critical milestone in the development of the Kwale Project as the company now has access to the full funding required to complete the development of the project - and bring it to positive cashflow.

    The first drawdown of US$52 million has been completed.

    Project construction continues to be on schedule for practical completion in the September quarter of 2013, with the first shipment in the December quarter 2013.

    Importantly, Base has already secured offtake arrangements for 70% of project revenue.

    Two pilot plant operations at Kwale provide confidence in processing behaviour and indicate a suite of readily marketable products.

    The project's high value mineral assemblage and low stripping ratio result in a projected revenue to cash cost ratio that would place the project in the top quartile of world producers.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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