REG-Base Resources Limited: LTIP performance rights update

Base ResourcesAnnouncement

11/01/2023 07:15

AIM and Media Release 

11 January 2023

BASE RESOURCES LIMITED
LTIP performance rights update

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that 1,286,461 vested performance rights
issued under the Base Resources Long Term Incentive Plan (LTIP) have been
exercised.

For each performance right that was exercised, LTIP participants were
allocated one fully paid ordinary share in Base Resources previously acquired
on-market by the LTIP trustee.  In accordance with the terms of the LTIP, the
exercise price was nil and the shares were allocated for nil cash
consideration.  The performance rights exercised were from the 2019 LTIP
cycle that vested following performance testing as at 30 September 2022. 

Since the Company’s last LTIP performance rights update on 14 December 2022,
2,679,793 unvested performance rights were also forfeited after one or more
LTIP participants ceased to be employed other than for a “Qualifying
Reason” (as that term is defined in the LTIP).  

As a result of the above events, the Company has the following securities on
issue:
* 1,178,011,850 ordinary shares.
* 58,020,619 performance rights issued pursuant to the terms of the LTIP,
comprising: * 4,630,289 vested performance rights, which remain subject to
exercise(1); and
* 53,390,330 unvested performance rights subject to performance testing in
accordance with their terms of issue.
[Note (1): Vested performance rights have a nil cash exercise price and,
unless exercised beforehand, expire five years after vesting.]

ENDS.

For further information contact:

 James Fuller, Manager Communications and Investor Relations  UK Media Relations             
 Base Resources                                               Tavistock Communications       
 Tel: +61 (8) 9413 7426                                       Jos Simson and Gareth Tredway  
 Mobile: +61 (0) 488 093 763                                  Tel: +44 (0) 207 920 3150      
 Email: jfuller@baseresources.com.au                                                         

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 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

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

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

JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
 



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