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Base Resources completes A$10M rights issue

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Base Resources completes A$10M rights issue

Base ResourcesLtd. said March 31 that it has completed the retail component ofthe previouslyannounced renounceable pro rata entitlement offer on a 1-for-3.35basis, raising total gross proceeds of about A$10 million.

The retail entitlement offer closed March 24, under whichretail shareholders subscribed for approximately 13.5 million new BaseResources ordinary shares, raising gross proceeds of approximately A$800,000.

Meanwhile, fully subscribed retail shortfall bookbuild wascompleted March 30, with 17.2 million new shares subscribed, raising grossproceeds of about A$1.0 million.

The A$8.3 million institutional component of the offer was completed March3.

With the scheduled settlement of the retail entitlementoffer on April 6, the new shares are expected to commence trading April 8.