Completion of Acquisition of Hope Project

RNS Number : 2515W

Bezant Resources PLC

17 August 2020

 

17 August 2020

Bezant Resources Plc

("Bezant" or the "Company") 

Completion of Acquisition of 100% of Virgo Resources Ltd and its interests

in the Hope Copper-Gold Project, Namibia, Issue of Shares, Total Voting Rights

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased, further to its announcements on 19 June 2020 and 15 July 2020, to announce the completion on 14 August 2020 of its acquisition of 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia (the "Acquisition").

The share and cash consideration paid by Bezant at completion of the Acquisition ("Completion") is i) the issue of 422,062,525 new Ordinary Shares of the Company ("Bezant Shares") at a deemed issue price of 0.2 pence ("Ordinary Shares Consideration"), ii) £ 135,000 to be settled by the issue of 113,333,333 Bezant Shares based on the share price on 14 August 2020 ("Asset Sellers Share Consideration") of which 79,333,333 Bezant Shares are to be issued now ("Initial Asset Sellers Shares") and 34,000,000 Bezant Shares on 15 February 2021 ("Balance of Assets Sellers Shares"); and iii) cash of AUD157,021 ( approx. £ 86,600) (the "Consideration").  

Application to trading on AIM : Application will be made to the London Stock Exchange for a total of 501,395,858 new Bezant Shares to be admitted to trading on AIM being the Ordinary Shares Consideration and the Initial Assets Sellers Shares. It is expected that Admission will become effective and that dealings in the new Bezant Shares will commence at on or around 8.00 a.m. on Thursday 20 August 2020.

Total Voting Rights after Fundraising : Following the issue of the Ordinary Shares Consideration and the Initial Assets Sellers Shares, the Company's total issued share capital will consist of 2,208,651,039 Ordinary Shares with voting rights.  The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. 

On Admission, the abovementioned figure of 2,208,651,039 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Lock up and Orderly Market: The Ordinary Share Consideration, the Asset Sellers Consideration will be subject to orderly market trading and release schedules  as follows;

i)      25% of the Share-based Consideration will be freely tradable on Admission

ii)     25% of the Share-based Consideration will be freely tradable after six (6) months from Completion

iii)    50% of the Share-based Consideration will be freely tradable after twelve (12) months from Completion

Colin Bird, Executive Chairman of Bezant, commented :

"The acquisition of the Hope Gold Cooper project is a significant milestone for Bezant. We have acquired a very attractive project with a combined JORC (2012) Mineral Resource of 10.2Mt @1.9% Cu and 0.3g/t Au at a 0.7% Cu cut off in Namibia, which aside from being an excellent jurisdiction, is attracting increased attention as a source of Copper.

The Vendors confidence in the project is reflected in the fact that 84% of the shares now being issued have been issued at a 60% premium to Fridays closing share price of 0.12 pence. 

From Bezant's technical due diligence on the project it was clear that there is potential for considerable upside as the Gorob-Vendone Deposit was not assayed for gold and there is the possibility for further discovery of similar type mineralisation as the project contains 150 km not yet tested.  Now that the transaction has been completed Bezant will be looking to implement the value creation strategy announced on 15 July 2020."

For further information, please contact:

Bezant Resources Plc Colin Bird Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish	[phone]
Novum Securities Limited (Broker) Jon Belliss	[phone]

or visit http://www.bezantresources.com  

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

Glossary

A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Au"  Gold

"Cu"  Copper

"Mt"  million tonnes

"kt"  thousand tonnes

"g/t"  grams a tonne

 

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