Base Resources reports exercise of options

AIM-listed Base Resources has issued 1.4m fully paid ordinary shares as a result of the exercise of options to acquire fully paid ordinary shares in the capital of the company at an exercise price of A0.09 dollars.

The options were exercised by Colin Bwye, a Director of the company. Following the option exercise and share issue, Bwye holds an interest in 2.2m fully paid ordinary shares, 3.6m unlisted options and 5.0m unlisted options.

The company now has 56.8m fully paid ordinary shares, 8.5m unlisted options exercisable at A$0.25 on or before July 9th 2015, 7.1m unlisted options exerciable at A$0.09 on or before July 9th 2015 and 1.0m unlisted options exercisable at A$0.25 on or before July 30th 2015.

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The company said that it had has applied for the new shares to be admitted to trading on both the ASX and AIM markets. Trading in the new shares on AIM is expected to commence on or around April 5th 2013.

Base Resources is developing the Kwale Mineral Sands Project in Kenya, East Africa. The Kwale Project was acquired by Base in July 2010 from Vaaldiam Mining, which had spent more than $US60m to progress the project through resource definition, government approvals and Definitive Feasibility Studies.

Base Resources share price was at 28.50p at 11:10 on Tuesday

MF