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Bank of America returns in a big way to the Base Resources share register

Bank of America has moved back into Base Resources, providing a significant institutional boost to the company's acquisition plans
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This evidence of institutional support should boost retail sentiment during the ongoing fundraising

Bank of America Merril Lynch has bought back into Base Resources Ltd (LON:BSE) after it sold out before Christmas.

On 22 December 2017, the company was notified that Bank of America had ceased to be a significant shareholder. Now though, two of the bank’s funds, Merrill Lynch Futures and Merrill Australia have taken its total stake to over 39.5mln shares, or 5.3%.

READ: Base to acquire Toliara Sands project in Madagascar, raises US$100 mln

The initial sale followed the announcement of the potentially transformational US$75mln acquisition of the Toliara Sands project in Madagascar. At that point, Base also revealed that it was planning to raise US$100mln in new equity.

Base is currently capitalised at just over £160mln on the London Stock Exchange

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Base Resources Timeline

Newswire
October 16 2017

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