US$20 Million in Additional Funding Secured
ASX, AIM and Media Release
23 December 2014
BASE RESOURCES LIMITED
US$20 MILLION IN ADDITIONAL FUNDING SECURED
Base Resources Limited (ASX & AIM: BSE) ("Base" or the "Company"), is pleased
to advise that it has executed a US$20 million unsecured debt facility with one
of its major shareholders, Taurus Funds Management ("Taurus") ("Taurus
Facility"). The Taurus Facility will provide corporate working capital and the
funding necessary to deliver up to US$15 million in additional liquidity to the
Kwale Project by 30 June 2015, if required. This commitment was a condition of
the recently completed rescheduling of the Kwale Project Debt Facility.
The Taurus Facility has the following key terms:
* Repayments are only made from the permitted distributions from the Kwale
Project every six months, commencing 31 December 2015.
* Commitment fee of 2% on any undrawn balance.
* Interest rate of 10% on the drawn balance.
* Upfront fee of 2% plus establishment costs.
* Loan maturity date of 31 December 2016.
* Taurus is entitled to 61,425,061 unlisted options over unissued fully paid
ordinary shares, for nil consideration and exercisable at A$0.40 with half
being issued at execution and half pro-rata on facility drawdown above US$5
million. The options expire on 31 December 2018 and have no vesting
conditions.
The Taurus Facility puts Base on a sound financial footing, providing a source
of additional funding for the Kwale Project should it be needed, the means to
satisfy the US$15 million addition liquidity covenant and US$5 million in
corporate funding.
A full PDF version of this announcement is available from www.asx.com.au and on
the Company's website at www.baseresources.com.au.
For further enquiries contact:
Base Resources Limited
Tim Carstens
Managing Director
Phone: +61 (0)8 9413 7400
RFC Ambrian Limited (Nominated Adviser and Broker)
As Nominated Adviser As Broker
Andrew Thomson or Trinity McIntyre Jonathan Williams
Phone: +61 (0)8 9480 2500 Phone: +44 20 3440 6800
Africapractice (East Africa) (Kenyan Media Relations)
David Maingi/ James Njuguna/Joan Kimani
Phone: +254 (0)20 239 6899
Email: jkimani@africapractice.com
Tavistock Communications (UK Media Relations)
Jos Simson / Emily Fenton / Nuala Gallagher
Phone: +44 (0) 207 920 3150
Cannings Purple (Australian Media Relations)
Annette Ellis / Warrick Hazeldine
Email: aellis@canningspurple.com.au
whazeldine@canningspurple.com.au
Phone: +61 (0)8 6314 6300
Corporate Details:
Board of Directors:
Andrew King Non-Executive Chairman
Tim Carstens Managing Director
Colin Bwye Executive Director
Sam Willis Non-Executive Director
Michael Anderson Non-Executive Director
Mike Stirzaker Non-Executive Director
Malcolm Macpherson Non-Executive Director
Winton Willesee Company Secretary
Principal & Registered Office: Contacts:
Level 1 Email: info@baseresources.com.au
50 Kings Park Road Phone: +61 (0)8 9413 7400
West Perth Fax: +61 (0)8 9322 8912
WA 6005
D
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