Completion of Due Diligence re Hope Project

RNS Number : 4123T

Bezant Resources PLC

20 July 2020

 

20 July 2020

Bezant Resources Plc

("Bezant" or the "Company") 

Completion of Due diligence re

Hope Copper-Gold Project

Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements on 19 June 2020 and 15 July 2020 in relation to the proposed acquisition of 100% of Virgo Resources Ltd ("Virgo") and its interest in the Hope copper gold project in Namibia is pleased to announce it has completed its due diligence and the parties are now proceeding to the administrative process of completing the Acquisition by arranging the execution by the Company and Virgo's shareholders of the completion documentation which is in agreed form (the "Agreed Form Completion Documentation").

As announced on 19 June 2020, the acquisition of 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia   is subject to the certain conditions precedent. The current status of the conditions precedent is summarized below:

i)  Bezant has completed its due diligence to its satisfaction during the Due Diligence Period;

ii)  Bezant has all the consents and approvals it required to complete the Acquisition save for the procedural consent required from AIM for Admission to trading of the Bezant Shares to be issued at Completion;

iii)  Virgo does not need any regulatory approvals to complete the Acquisition; and

iv)  Execution at Completion of the Agreed Form Completion Documentation by Virgo's  shareholders will affect the transfer of their Virgo shares, Virgo unlisted options and Virgo deferred consideration performance shares to the Bezant group.

Colin Bird, Executive Chairman of Bezant, commented :

"The completion of our corporate and technical due diligence on the acquisition of Virgo and its +70% interest in the Hope Gold Copper project is an important milestone for Bezant. We now look forward to completing the administrative process of the parties completing the execution of the Agreed Form Completion Documentation.  The Acquisition is on very favourable terms, of a major copper-gold project in an excellent jurisdiction with a significant JORC resource. As announced on 15 July 2020, there is unrealised gold potential and we already have a clearly identified value creation strategy for the project and are already planning its implementation."

The Company will make a further announcement once the remaining administrative processes of Completion of the Acquisition have been completed.

Notes:

Capitalised Defined terms used in this announcement have, unless indicated to the contrary, the same meaning ascribed to them in the Company's announcement dated 19 June 2020

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.

  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

 

 

ACQSFLFFUESSELW