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BASSARI RESOURCES LIMITED(BSR)

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ASX, Legal & CGT Status

Former (or subsequent) names

 

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Our website ranking of BSR: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Link Market Services, Tower 4, 727 Collins Street Docklands VIC 3008

Tel : +61 3 9615 9800
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000BSR7
Address: 25 Colin Street West Perth WA 6005
Tel:  +61 3 9629 9925 Fax: 61 3 9614 0550

Date first listed: 07/01/2008
Company Secretary: Mr Ian Riley
Sector: Materials Industry Group: XMJ
Activities: Mineral discoveries in the West African country of Senegal

News & Events

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Shareholders in this company should consider crystallising a capital loss in 2021/22 by selling their worthless shares. From 1 October 2021 we have made this process much easier and quicker. It can now be achieved online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

01/10/2021

The company releases its June 2020 Half year financial report explanatory information.

10/09/2021

The company lodges its half year financial report for the period ended 30 June 2020.

10/09/2021

The proceeding initiated by Coris Bank for a seizure and sale process for the Sambarabougou Exploitation Permit was listed for a hearing on 7 September 2021. The purpose of the hearing was to consider the terms and conditions for any sale of the Permit by public auction. At the hearing, the Court ruled the matter be postponed to 2 November 2021.

09/09/2021

The proceeding initiated by Coris for a seizure and sale process for the Sambarabougou Exploitation Permit was listed for a hearing on 24 August 2021. Following a request by the parties to postpone the proceeding to allow further time for settlement with Coris, the Court postponed the matter to 7 September 2021.

27/08/2021

The proceeding initiated by Coris Bank seeking to execute the commissary pact and take possession of the Sambarabougou Exploitation Permit was listed for a hearing on 10 August 2021. This hearing has been removed from the Court list at Coris' request. That action is listed to be heard on 24 August 2021 to consider the terms and conditions for any sale of the permit by public auction.

11/08/2021

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

30/07/2021

The summary hearing scheduled to take place in Kédougou on 27 July 2021 in relation to Coris' attempt to execute the commissary pact and take possession of the Sambarabougou Exploitation Permit has been postponed to 10 August 2021. Should a solution with Coris be found before this date the case will be removed from the Court list. The Company is continuing discussions with Coris, the Department of Mines and the Government of Senegal and potential financiers to work towards a repayment solution with Coris.

27/07/2021

Coris had served a summons on the company for a proceeding that sought to execute the commissary pact and take possession of the Sambarabougou Exploitation Permit in an attempt to avoid the alternative seizure and sale process being pursued by Coris. At the hearing on Tuesday, 6 July 2021, the matter was postponed until 27 July 2021 when the case will be pleaded. Should a solution with Coris be found before this date the case will be removed from the Court list.

08/07/2021

In relation to the Sambarabougou Exploitation Permit (Makabingui Gold Project), it was granted in July 2017 and is due to expire in July 2022. It is essential that the permit be available and can be renewed for a further 5 years to facilitate investment to fund the project as planned. The Company and MGO are seeking confirmations from the Department of Mines and the Government of Senegal that the Permit is in good standing and can be renewed by MGO for a further 5 years following its expiry in July 2022, subject to compliance with all permit terms and conditions. The Company continues to work towards securing a more substantial debt and/or equity funding package to ensure existing creditors can be repaid and to provide working capital to progress the Makabingui Gold Project towards production. The Company has recently updated security at the Makabingui Gold Project with Gendarmes re-engaged by MGO. The new Board continues to work with Coris International Bank on a repayment solution for the existing US$12.3m debt which is secured by a charge over the Sambarabougou Exploitation Permit. Without prior notice to the Company, Coris yesterday, served a summons on the Company for an additional proceeding seeking to execute the commissary pact and take possession of the Permit in an attempt to avoid the above seizure and sale process. A summary hearing is scheduled to take place in Kédougou on Tuesday 6 July 2021. The Company is pursuing options to settle the Coris debt prior to this scheduled hearing and otherwise intends to take action to defend its position.

30/06/2021

Bassari has secured a further $500,000 of loan funding, taking the total of loan funds to $900,000, secured over the assets of the Company, to meet the urgent and essential funding requirements of the Company in the short term. The Company is working towards obtaining a more substantial funding package, which may be comprised of debt, equity or a mix of both.

07/06/2021

Mr Andrew Goode, Makabingui Gold Operation SA Project Manager, returned to Senegal following the appointment of the new Bassari board members, to undertake an appraisal of the current status of the Makabingui Gold Project. Directors and management are in discussions with the Senegal Government, Ministry of Mining, regarding MGO's forward plans to commence mining and production as well as confirming the terms of the licence and its renewal. Since the appointment of the new Directors, the Board and management have secured a $400,000 loan facility, secured over the assets of the Company, to meet urgent and essential funding requirements of the Company in the short term. The current debt to Coris is approximately USD12.3 million and the new board and management have engaged with Coris officers to negotiate an outcome that meets the needs of both Coris and MGO. Debt is the main priority for Bassari and MGO, to enable the additional funding proposals which are under consideration, to be further progressed.

24/05/2021

The company releases the results of its meeting.

10/05/2021

The company lodges its March 2021 Activity Report and Appendix 5B.

03/05/2021

The company's general meeting will be held at 25 Colin Street, West Perth, Western Australia at 2pm (WST) on 7 May 2021. The meeting has been convened by shareholders of the company who together hold 6.46% of the issued capital of the company.

03/05/2021

The company advises receipt of documents comprising Notice of General Meeting with explanatory notes and draft proxy form, together with a letter from the convening shareholders. The shareholders have called a general meeting of the company to be held at 25 Colin Street, West Perth, Western Australia at 2pm (WST) on 7 May 2021. Due to the constantly evolving nature of the COVID-19 situation, the convening shareholders have determined to hold the meeting in person and online.

08/04/2021

The company has received director nominations and consents to act from the proposed directors. BCM International Limited, David Kenneth Swan and Suda Pty Ltd have further advised they intend to dispatch the s249F notice of meeting by 31 March 2021 and intend to hold the s249F shareholder meeting on 30 April 2021.

18/03/2021

The company lodges its Appendix 5B and December quarterly activity report.

01/02/2021

The company has received a notice from BCM International Limited, Mr David Kenneth Swan and Suda Pty Ltd, of their intention to call a general meeting of the Company under section 249F of the Corporations Act 2001 (Cth), for the purpose of the removal of a director and the appointment of four new directors.

18/01/2021

The company lodges its September 2020 Quarterly report and Appendix 5B.

02/11/2020

The company lodges its Half Year Accounts.

14/09/2020

The company lodges its June 2020 Quarterly Activity Report.

31/08/2020

The company releases its Constitution - Updated 31 July 2020.

03/08/2020

The company releases the Result of Resolutions put to the Annual General Meeting.

31/07/2020

The company releases the Chairman's Address to Annual General Meeting.

31/07/2020

Directors have a newly developed mining startup plan for the Makabingui Gold Project. The new plan has been developed as a full-scale mining and production start-up is not possible at this stage due to the restrictions arising from the Coronavirus pandemic. The shipping of vital equipment has been delayed and there havae been restrictions on the assembly of large staff numbers. The Senegal technical team and staff have developed a mining plan to produce approximately 2000 ounces of gold at a significantly increased value given current gold prices, over a 12 week period using Bassari equipment, our MGO staff and equipment hired in Senegal.

31/07/2020

With the latest COVID-19 Melbourne lockdown and meeting restrictions introduced, the venue for the AGM is no longer available. No physical place of meeting will be made available. The AGM will be held virtually through an online platform. To join Zoom meeting: https://bdo-au.zoom.us/j/99805106580.

15/07/2020

The company's AGM will be held at 10.30 am (Melbourne time) on Friday 31 July 2020 at Vibe Hotel, 1 Queen Street Melbourne, Vic 3000.

29/06/2020

The company's AGM will be held on Friday 31 July 2020. BSR's annual report was lodged on 24 April 2020. BSR also provided a detailed response to ASX's queries. BSR directors and management are doing everything within their powers to rectify the matters raised in the qualified audit opinion and "˜inherent uncertainty' comment, to ensure BSR meets the requirements of listing rule 12.2 and allow ASX to consider reinstatement of BSR share trading. Directors have been contacted by a number of funds/investors who clearly see the potential to substantially increase the BSR's mineable gold reserves from many gold anomalies.

29/05/2020

The company issues a response to ASX Query Letter.

14/05/2020

The company lodges its March 2020 Quareterly Activity Report and Appendix 5B.

30/04/2020

The spread of COVID-19 within Senegal has been restricted to approximately 450 cases, with 6 deaths recorded. To date, no COVID-19 cases have been reported in the Makabingui mining area, the local villages Douta and Sambarabougou or in the nearest major township of Kedougou. Bassari has implemented COVID-19 preventative methods at its Makabingui mining camp. The restrictions have necessitated a temporary delay in the mining start-up at the Makabingui Gold Operation, which was planned to commence in April. There is an expectation that the most severe restrictions on movements will be eased soon and that mining can commence. Junction Contract Mining the Australian mining contractor have remained in Senegal and are ready to commence.

24/04/2020

The company lodges its Annual Report to shareholders.

24/04/2020

The company's securities will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 16 March 2020, following its failure to lodge the relevant periodic report by the due date.

01/04/2020

The securities of Bassari Resources Limited (the "Company") will be reinstated to quotation immediately, following the release of an announcement by the Company.

27/07/2016

Bassari detailts its share placement and share purchase plan to advance the Makabingui and Konkoutou projects.

27/07/2016

The securities of Bassari Resources Limited (the "Company") will be suspended from quotation immediately , at the request of the Company, pending the release of an announcement by the Company.

25/07/2016

The securities of Bassari Resources Limited (the "Company") will be reinstated to quotation immediately, following the release of an announcement in relation to a capital raising. Security Code: BSR

18/07/2014

The securities of Bassari Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding the Company's business operations. Security Code: BSR

16/07/2014
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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    13/09/2018Alex Mackenzie253,075$0.020$5,117
    16/10/2017Alex Mackenzie199,700$0.015$2,996
    11/10/2017Alex Mackenzie187,000$0.016$2,987
    05/10/2017Alex Mackenzie353,257$0.006$2,025
    03/10/2017Alex Mackenzie353,257$0.014$5,083

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Modou GueneDirector30/07/2020
    Andrew GoodeDirector, Interim CEO04/06/2021
    John TraicosDirector07/05/2021
    Malik EasahDirector07/05/2021
    George KarageorgeDirector07/05/2021

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Alex MackenzieExecutive Chairman12/04/201307/05/2021
    Ian RileyDirector20/01/201021/12/2020
    Peter SpiveyDirector18/05/201529/07/2020
    Philip BruceNon Exec Director09/09/201325/06/2019
    Jozsef PataricaManaging Director, CEO14/11/200714/06/2015
    Chris YoungNon Exec Director25/11/201129/05/2015
    John BallardChairman, Non Exec Director07/12/201119/04/2013
    David TyrwhittNon Exec Director12/10/201025/11/2011
    Jonathan WarnerNon Exec Director20/07/201125/11/2011
    Clive WrightNon Exec Chairman14/02/200730/08/2011
    Aaron TreyvaudNon Exec Director15/11/200717/11/2010
    Andrew SmithCEO14/11/200720/01/2010

    Date of first appointment, title may have changed.