Placing to raise £350,000 (gross)

RNS Number : 8429V

Bezant Resources PLC

05 December 2019

 

5 December 2019

Bezant Resources Plc

("Bezant" or the "Company")

Placing to raise £350,000 (gross)

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that it has raised £350,000 before expenses through a conditional placing, via the Company's broker, Novum Securities Limited ("Novum"), of, in aggregate, 250,000,000 new ordinary shares of 0.002 pence each in the capital of the Company ("Ordinary Shares") at a price of 0.14 pence per share (the "Placing Price") (the "Placing").

Use of Proceeds

The net proceeds from the Placing of £330,000 will be used in relation to the Company's existing projects, including progressing the Company's evaluation of the Buffalo project in Zambia (where historic third party work reportedly discovered a high-grade (6 per cent.) copper zone), and over which the Company holds a conditional option to acquire a 50 per cent. interest, and other potential opportunities in country, and for the group's general working capital purposes.

Further Details on the Placing

Pursuant to the Placing, in aggregate, 250,000,000 new Ordinary Shares (the "Placing Shares") will be issued at the Placing Price to certain new investors conditional upon admission of the Placing Shares to trading on AIM ("Admission").  The Placing Price represents a discount of 30 per cent. to the closing middle market price of an Ordinary Share of 0.2 pence on 4 December 2019, being the latest practicable date prior to this announcement.  The Company is also issuing a warrant to Novum to subscribe for 12,500,000 new Ordinary Shares exercisable at the Placing Price for a period of 3 years.

The Placing Shares represent, in aggregate, approximately 19.69 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Placing Shares and the Fee Shares referred to below). The Placing Shares and Fee Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

In addition to the Placing Shares, the Company is issuing a further 20,982,143 new Ordinary Shares also at the Placing Price in settlement of certain professional fees due through to 30 June 2020 (the "Fee Shares").

Application to trading on AIM 

The Placing is conditional on admission of the Placing Shares to trading on AIM ("Admission").  Application will be made to the London Stock Exchange for the Placing Shares and Fee Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares and the Fee Shares will commence at 8.00 a.m. on 30 December 2019.

Following the issue of the Placing Shares and Fee Shares, the Company's total issued share capital will consist of 1,269,755,181 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 1,269,755,181 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 and Transparency Rules.

Colin Bird, Executive Chairman of Bezant, today commented:

"This placing will enable the Company to progress its ongoing evaluation of the Buffalo project, as well as other potential opportunities, in Zambia.  Having spent a number of years working on operational and exploration projects within Zambia, I, and my fellow Directors, believe that Zambia is, compared to other copper producing countries, extremely well placed to be a source of significant new copper projects at a point when the medium to long-term outlook for copper remains very bullish."  

For further information, please contact:

Bezant Resources Plc Laurence Read Chief Executive Officer Colin Bird Executive Chairman Strand Hanson Limited (Nomad) James Harris / Matthew Chandler / James Bellman Novum Securities Limited (Broker) Jon Belliss or visit http://www.bezantresources.com

Tel: [phone] Tel: [phone] Tel: [phone]

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.

 

END

 

 

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