Toliara Sands Project acquisition completed

BASE RESOURCES LIMITED - Toliara Sands Project acquisition completed

PR Newswire

London, January 23

AIM and Media Release 

23 January 2018

BASE RESOURCES LIMITEDToliara Sands Project acquisition completed

Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is pleased to advise that the Toliara Sands Project acquisition has now completed.

With payment of the US$75 million up-front consideration by Base Resources, the initial 85% interest in the wholly owned Mauritian subsidiaries of World Titane Holdings Ltd, which between them hold a 100% interest in the Toliara Sands Project in Madagascar (held through wholly owned subsidiaries in Madagascar), and control, has now been transferred to the Company. Base Resources will acquire the remaining 15% interest, with a further US$17 million payable on achievement of key milestones as the project advances to mine development.

Tim Carstens, Managing Director of Base Resources, commented:

“The Toliara Sands Project is a transformational acquisition and represents a significant step in execution of the Company’s strategic plan. We are excited to now proceed with the development of what we consider to be one of the very best mineral sands projects in the world. The strong support demonstrated by institutional and retail shareholders, as well as the Base Resources management team, through participation in the capital raising reflects a shared enthusiasm.”

For further details of the Toliara Sands Project, and Base Resources’ proposed development plan, refer to the market announcement and investor presentation released on 19 December 2017[1].

[Note 1: Refer to Base Resources’ market announcement “Transformational Acquisition of the Toliara Sands Project and A$100 million share offer” and investor presentation “Investor Presentation - Acquisition and Entitlement Offer” each released on 19 December 2017, which are available at http://www.baseresources.com.au/investor-centre/asx-releases.]

ENDS.

CORPORATE PROFILEDirectorsKeith Spence (Non-Executive Chairman)Tim Carstens (Managing Director)Colin Bwye (Executive Director)Sam Willis (Non-Executive Director)Michael Stirzaker (Non-Executive Director)Malcolm Macpherson (Non-Executive Director)Company SecretaryChadwick PolettiNOMINATED ADVISOR & BROKERSRFC Ambrian LimitedAs Nominated Adviser:Andrew Thomson / Stephen AllenPhone: +61 (0)8 9480 2500As Joint Broker:Jonathan WilliamsPhone: +44 20 3440 6800Numis Securities LimitedAs Joint Broker:John Prior / James Black / Paul GillamPhone: +44 20 7260 1000SHARE REGISTRY: ASXComputershare Investor Services Pty LimitedLevel 11, 172 St Georges TerracePERTH WA 6000Enquiries: 1300 850 505 / +61 (3) 9415 4000www.computershare.com.auSHARE REGISTRY: AIMComputershare Investor Services PLCThe PavilionsBridgwater RoadBRISTOL BS99 6ZZEnquiries: +44 (0) 870 702 0003www.computershare.co.ukAUSTRALIAN MEDIA RELATIONSCannings PurpleAndrew Rowell[email protected]Phone: +61 (0)8 6314 6300UK MEDIA RELATIONSTavistock CommunicationsJos Simson / Barnaby HaywardPhone: +44 (0) 207 920 3150KENYA MEDIA RELATIONSAfricapractice (East Africa)Evelyn Njoroge / Joan KimaniPhone: +254 (0)20 239 6899Email: [email protected]PRINCIPAL & REGISTERED OFFICELevel 1, 50 Kings Park RoadWest Perth, Western Australia, 6005Email: [email protected]Phone: +61 (0)8 9413 7400Fax: +61 (0)8 9322 8912