Bass Metals Ltd is looking to raise $25 million as it attempts to overcome grade issues and an influx of water into the deeper levels of its Fossey underground base metal mine in Tasmania. The Perth-based miner went into a trading halt on July 14 as it put together the re-financing package - largely through a convertible debt structure - designed to alleviate the pressures that built up throughout June due to operational problems. The company said the production delays and shortfalls incurred through dewatering issues and lower than anticipated grades had cost the company around $8 million for the June quarter.
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