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Basanite, Inc.
- Market Cap
- Unavailable
- Price
- $0.0189
- % Change (Daily % change from the live per-ticker quote feed.)
- +13.86%
- Volume
- 10.0K
About
Basanite, Inc. is a global enterprise specializing in basalt fiber reinforced polymer (FRP) technology. The company develops and manufactures basalt FRP products that serve as superior alternatives to conventional steel reinforcement, as well as other FRP rebar and various industrial fiber materials. Established in 2006, the firm was initially known as PayMeOn, Inc. before officially rebranding to Basanite, Inc. in December 2018. Its corporate headquarters are located in Oakland Park, Florida.
Quick stats
Shares outstanding—
Computed float194.1M
Float / sharesUnknown
Key info
SectorBasic Materials
IndustryConstruction Materials
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001448705
AI Summary
AI-generated2mo agostandardbullishpartnership
BASANITE INC. SIGNS TERM SHEET WITH EASTMAN MINERALS FOR PROPOSED $2 MILLION INVESTMENT IN SOMALILAND GOLD PROCESSING PROJECT
Basanite executed a term sheet to invest $2 million in Eastman Minerals' Goroya Cawl gold processing plant in Somaliland, securing a 40% ownership stake.
The transaction includes a $400,000 bridge deposit advanced by SAMCO, with the remaining $1.6 million expected upon closing of definitive agreements within 30 days.
As part of the deal, Eastman granted Basanite a perpetual right of first refusal on future projects, cementing a strategic relationship for expansion in the region.
Red flags
- Transaction subject to due diligence and definitive agreements with no guarantee of closing
- Financing for the remaining $1.6 million is not yet secured