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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
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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