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Bass Metals Ltd raising $2M to expand graphite production

The producing mine is currently being upgraded to 6000 tonnes per annum.
Bass Metals Ltd raising $2M to expand graphite production
The fully owned Graphmada Graphite Mine is in Madagascar

Bass Metals Ltd (ASX:BSM) has received strong demand and support from existing major shareholders, directors, and management to raise $2 million via the issue of convertible notes.

This funding allows Bass to continue its planned Graphmada Mine capital improvement plan and to remain on track for completion later this year.

The company’s fully owned Graphmada Graphite Mine is located in Madagascar.

Bass is continuing to make progress towards refurbishing the Graphmada mine with the aim of re-commissioning this calendar year as a profitable producer of high purity graphite concentrates.

The Graphmada mine has mining permits for 40 years in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

The receipt of funds from the issue of these notes, along with current receivables and cash on hand, leaves the company in a strong financial position as at 30 June 2017.

Bass Metals’ shares closed 11.11% higher on Monday, at $0.01.

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Bass Metals Ltd Timeline

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