AIM and Media Release 

22 November 2019

BASE RESOURCES LIMITED
Notice of change of Significant Shareholder

Base Resources Limited (ASX & AIM: BSE) (Base Resources) advises that it has today received notification from Bank of America Corporation that it and its related bodies corporate (Bank of America) have reduced their voting power in Base Resources by 37,492,497 ordinary shares.  Base Resources understands that, for the purposes of the AIM Rules for Companies, Bank of America now holds less than 3% of the total Base Resources ordinary shares on issue and is no longer a significant shareholder.

The decrease in Bank of America’s holding for the purposes of the AIM Rules for Companies was the net result of both the borrowing and return of ordinary shares pursuant to prime brokerage agreements, and the acquisition and disposal of ordinary shares, since 15 October 2019.   

Bank of America disposed of 20,000,000 shares for an average price of A$0.220 per share on 19 November 2019 (excluding any securities returned pursuant to any prime brokerage agreements).  It also acquired 6,104,463 shares for an average price of A$0.235 per share between 16 October 2019 and 20 November 2019 (excluding any securities borrowed pursuant to any prime brokerage agreements).

A copy of the notice referred to in this release is available from the company’s website:  www.baseresources.com.au.

ENDS.

For further information contact:

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800

JOINT BROKER
Numis Securities Limited
John Prior / James Black / Paul Gillam
Phone: +44 20 7260 1000