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@chatter danke aber habs schon vorher rausgefunden, die zweite mine liegt in tasmania... @Tolksvar die HP ist grade down wegen wartungsarbeiten und so wie ich grade gelesen habe, haben sie die mine noch gar nicht verkauft weil das nämlich mitte august von den aktionären abgesegnet werden muss. http://www.miningweekly.com/article/...ss-metals-debt-free-2012-07-06
Deal with Singapore’s LionGold leaves Bass Metals debt free
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By: Esmarie Swanepoel
6th July 2012
Updated 7 hours ago
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PERTH (miningweekly.com) - Embattled metals miner Bass Metals on Friday announced an asset sale agreement with Singapore-based investment firm LionGold that would leave the company debt free.
In exchange for A$13.5-million in cash, Bass Metals would divest of its Hellyer operation, but would retain exploration rights over the mine lease through a sublease agreement. The company would also retain use of the Hellyer plant, subject to availability.
LionGold would also take a 58-million share placement, at 1c a share, to raise a further A$580 000, giving the Asian investment firm a 16.5% stake in ASX-listed Bass.
Bass MD Mike Rosenstreich said that the transaction with LionGold would revive the company’s financial position, give it the opportunity to forge close ties with an emerging international resource group, and allow Bass to retain access to a processing facility and share the Hellyer site maintenance costs.
“We will also retain sufficient surplus funds to meet general working capital needs and to restart a comprehensive exploration campaign on our Tasmanian tenements.”
Mining at the Hellyer operation, also in Tasmania, was halted in April with milling suspended in June. The operation was placed on care and maintenance as Bass responded to adverse technical issues and moved to accelerate cash flows and reduce debt.
Rosenstreich noted that, while the suspension of operations at Hellyer had generated more revenue than originally forecast, it had not been sufficient to retire all debt and fund the company’s nondiscretionary expenditure for the next 12 months.
The divestment of the Hellyer operation, in turn, would leave Bass debt free, with a forecasted free cash position of around A$6-million, along with an additional A$2-million held in a retention account in favour of LionGold, which would revert to Bass after 12 months.
On completion of the transaction, Bass would have sufficient working capital to undertake planned exploration progammes in Tasmania, share the Hellyer site maintenance costs and would have secured a cornerstone investor.
Rosenstreich added that the company would now seek and evaluate new project opportunities where its exploration skills and development experiences could add value and provide Bass shareholders exposure to greater project and commodity diversity.
The deal was subject to shareholder and Foreign Investment Review Board approval.
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