Bastion Minerals Announces Capital Raising and Board Restructure

Highlights:

• Bastion Minerals Limited (ASX: BMO) secures AU$126,708 through a share placement and enters a AU$500,000 convertible loan agreement to strengthen its financial position.
• Plans announced for a 3-for-4 Entitlement Offer post-AGM to raise an additional AU$729,000 for working capital and project development.
• Leadership transition to bring Gavin Rutherford as Independent Non-Executive Chairman and Keith Ross as Independent Non-Executive Director to drive growth strategy.

Bastion Minerals Limited (ASX: BMO) has revealed a significant capital raising initiative and board transition plan, aimed at strengthening its financial footing and leadership team. At the time of writing, Bastion has secured firm commitments to raise approximately AU$126,708 through a share placement and an additional AU$500,000 via a convertible loan agreement.

Capital Raising and Convertible Loan Agreement

The company is issuing 126.7 million new shares at AU$0.001 each. Of these, 58.9 million shares are expected to be issued on May 2, 2025. Additionally, Bastion has entered into a Convertible Loan Agreement with sophisticated investors, including incoming directors Gavin Rutherford and Keith Ross, who each contributed AU$125,000. The loan carries a 20% interest rate and is convertible into Bastion shares at AU$0.001, pending shareholder approval at the upcoming AGM.

Upcoming Entitlement Offer

Following the AGM, Bastion plans a 3-for-4 Entitlement Offer priced at AU$0.001 per share, targeting an additional AU$729,000. This move is intended to further bolster working capital and fund growth initiatives across its copper and gold project portfolio.

Leadership Transition

A major board overhaul will coincide with the company's FY2024 financial results. Directors David Nolan and Sam Rahim will step down, making way for Gavin Rutherford as Independent Non-Executive Chairman and Keith Ross as Independent Non-Executive Director. Ross Landles will remain a Non-Executive Director. The new leadership brings extensive mining and exploration experience, with a focus on expanding Bastion’s assets and shareholder value.

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