Update on acquisition of 30% JV interest in Zambia

RNS Number : 5703E

Bezant Resources PLC

06 November 2020

 

6 November 2020

Bezant Resources Plc

("Bezant" or the "Company")

Update on acquisition of the 30% Joint-Venture

interest in the Kalengwa exploration project, Zambia

Bezant (AIM: BZT), the copper-gold exploration and development company, announces, further to its announcement on 27 April 2020, that it has agreed with KPZ International Ltd to revise the payment terms of the US$250,000 due to the existing shareholders of KPZ International Ltd. 

Revised settlement arrangements; Under the terms of the joint-venture agreement dated 24 April 2020 the company was meant to make two payments of US$125,000 each on or before 1 August 2020 and 1 December 2020. The parties have today agreed that instead of making these two cash payments the Company will instead issue new ordinary shares in the Company at an issue price of 0.25p per share being the 3 day VWAP based on the closing share price on 5 November 2020 the date before the agreement and an FX rate of GBP1 = US%$1.30, this will result in the Company issuing 76,923,077 new shares to the shareholders of KPZ International Ltd. The new shares being issued will rank pari passu with the Company's existing shares.  

Colin Bird, Executive Chairman of Bezant, commented :

"I would like to thank the KPZ shareholders for their confidence in accepting payment in shares which even more closely aligns our mutual interests in relation to the Kalengwa project, we look forward to continuing to work with our partners, and I look forward to updating shareholders in due course on our work on the project. "

Application to trading on AIM : Application will be made to the London Stock Exchange for the 76,923,077 New Ordinary Shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 13 November 2020.

Issued Share Capital : Following the issue of the New Ordinary Shares, the Company's total issued share capital will consist of 3,405,261,616 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. 

Total Voting Rights On Admission, the above mentioned figure of 3,405,261,616 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.

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.

 

END

 

 

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