MMIH Reverse Transaction with AsiaPhos Terminated

RNS Number : 8929U

Bezant Resources PLC

08 April 2021

 

8 April 2021

Bezant Resources Plc

("Bezant" or the "Company")

MMIH (Singapore) Reverse Transaction with AsiaPhos Terminated 

Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements on 5 October 2020 , 2 November 2020 and 13 November 2020 announces the termination of the proposed acquisition by AsiaPhos Ltd ("AsiaPhos") a company listed on the Singapore Exchange Securities Trading Limited (the "Singapore Stock Exchange" or "SGX") Catalist Board, of MMJV Pte. Ltd. ("MMJV"), a 100 percent subsidiary of Mining and Minerals Industries Holding Pte. Ltd. ("MMIH"), by way of a reverse takeover transaction.

AsiaPhos has on 7 April 2021 announced that it has terminated it's conditional sale and purchase agreement (the "AsiaPhos SPA") for AsiaPhos to acquire 100% of MMJV.

AsiaPhos' rationale for the termination of the AsiaPhos SPA is that MMIH will require additional time to find investors to raise the necessary funds for the fundraising which was due to be undertaken as a condition precedent under the AsiaPhos SPA and that due to the ongoing Covid-19 pandemic and travel restrictions AsiaPhos believes that it will not be possible to complete the AsiaPhos SPA before it's long stop date being on or before 12 November 2021 (or such other date mutually agreed in writing) at the latest or three (3) months from the date on which the proposed whitewash resolution is approved, whichever is earlier.

The full text of the announcement dated 7 April 2021, from which this information has been obtained, can be viewed at:

https://links.sgx.com/FileOpen/Asiaphos%20-%20Termination%20Announcement%20Final.ashx?App=Announcement&FileID=656145  

Full details of the Company's transaction with MMIH (the "Transaction") were set out in the Company's announcement of 7 October 2019. Completion of the Transaction was announced on 18 November 2019 with Bezant retaining a residual 20 per cent. interest in the Mankayan project via a 20% shareholding in Asean Copper.  Updates on the Transaction were announced on 15 June 2020, 5 October 2020 and 2 November 2020.

Bezant has previously noted that, if the AsiaPhos SPA transaction had successfully completed it would have triggered a payment of S$10 million (approximately £5,600,000), in AsiaPhos shares being issued to Bezant.

Further to the above update, the board of Bezant, whilst preserving its position and rights under the Transaction Agreement  will explore and pursue options including the possibility of re-postioning the Mankayan project within the Company's portfolio of copper and gold assets. The Company will provide a further update(s) as and when appropriate.

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.

 

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