Toliara Sands Project acquisition completed

AIM and Media Release 

23 January 2018

BASE RESOURCES LIMITED
Toliara 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 PROFILE

Directors
Keith 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 Secretary
Chadwick Poletti

NOMINATED ADVISOR & BROKERS
RFC Ambrian Limited
As Nominated Adviser:
Andrew Thomson / Stephen Allen
Phone: [phone]
As Joint Broker:
Jonathan Williams
Phone: [phone]

Numis Securities Limited
As Joint Broker:
John Prior / James Black / Paul Gillam
Phone:  [phone]

SHARE REGISTRY:  ASX
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
PERTH WA 6000
Enquiries: 1300 850 505 / [phone]
www.computershare.com.au

SHARE REGISTRY:  AIM
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
BRISTOL BS99 6ZZ
Enquiries: [phone]
www.computershare.co.uk

AUSTRALIAN MEDIA RELATIONS
Cannings Purple
Andrew Rowell
[e-mail]
Phone: [phone]

UK MEDIA RELATIONS
Tavistock Communications
Jos Simson / Barnaby Hayward
Phone: [phone]

KENYA MEDIA RELATIONS
Africapractice (East Africa)
Evelyn Njoroge / Joan Kimani
Phone: [phone]
Email:[e-mail]

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email:  [e-mail]
Phone: [phone]
Fax: [phone]