Termination by mutual consent of Cyprus JV

RNS Number : 2988D

Bezant Resources PLC

18 October 2022

 

18 October 2022

Bezant Resources Plc

("Bezant" or the "Company")

 Termination by mutual consent of Cyprus Joint Venture with Caerus Mineral

Bezant (AIM: BZT), the copper-gold exploration and development company, notes that earlier today Caerus Mineral Resources plc ("Caerus") issued an RNS announcement in relation to its intention to terminate the Joint Venture Agreement between Caerus and Bezant (the "Joint Venture").

Further to the Company's announcement on 3 October 2022 it has had discussions with Caerus in relation to the Joint Venture. Following these discussions, it was not possible for the parties to agree on a mutual way forward in relation to the Joint Venture and it has been mutually agreed to terminate the Joint Venture.

Colin Bird commented

"It is always unfortunate when joint venture partners cannot agree on a way forward but we had various concerns which we could not resolve and therefore Bezant has agreed to the termination of the Joint Venture Agreement and the original option agreement with Caerus as being the best course of action to protect the assets and resources of Bezant."

Financial Effect of termination of Joint Venture

As indicated in Caerus' announcement they will assume 100% ownership of the Joint Venture projects. The Bezant interims to 30 June 2022 recognised a carrying value of GBP228,307 under exploration and evaluation assets in relation to the Joint Venture and a liability to pay GBP227,549 as Bezant's share of the Joint Venture expenditure. As a result of the termination of the Joint Venture Agreement the exploration and evaluation asset will be fully provided for and the liability to pay GBP227,549 will be eliminated.

For further information, please contact :

Bezant Resources plc Colin Bird Executive Chairman Beaumont Cornish (Nominated Adviser) Roland Cornish Novum Securities Limited (Broker) Jon Bellis or visit http://www.bezantresources.com

[phone] [phone] [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 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

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