BASANITE INC. DL-,001

Basanite has signed a term sheet with Eastman Minerals and Somali American Minerals for a planned $2 million investment in the Goroya Cawl gold processing plant and would acquire 40% of the facility; Eastman would retain 60% and operational control. The Somali American Minerals Company provided $400,000 in bridge financing; Basanite intends to provide the remaining $1.6 million within about 30 days, subject to due diligence and final agreements. The investment equals almost half of Basanite’s market capitalization and is strained by temporarily higher liabilities than the company’s cash and no guarantee of financing, creating timing and financial pressure. » More on de.investing.com