£625,000 Fundraise and Total Voting Rights

RNS Number : 3857X

Bezant Resources PLC

28 August 2020

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Market Soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of this inside information, as permitted by MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

28 August 2020

Bezant Resources Plc

  ("Bezant" or the "Company") 

£ 625,000 Fundraise, Total Voting Rights

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce, a £625,000 fundraising.

Fundraising: The Company has raised £625,000 before expenses. The Fundraising comprises a conditional placing of 750,000,000 new Ordinary Shares (the "Placing Shares") for £600,000 at a price of 0.08 pence per Ordinary Share (the "Placing Price") (the "Placing"), via the Company's broker, Novum Securities Limited, and a subscription by Colin Bird, Bezant's Executive Chairman, who has invested £25,000 to subscribe for 31,250,000 new Ordinary Shares at the Placing Price (the "Subscription Shares") (the "Subscription"), representing 4.17 per cent. of the total Fundraising amount.  Accordingly, following completion of the Fundraising, Mr. Bird will be interested in 87,500,000 Ordinary Shares, representing approximately 2.93 per cent. of the Company's enlarged share capital.

Use of Proceeds: The net proceeds from the Placing and the Subscription will be used in relation to reconnaissance drilling at i) the Hope Copper-Gold project in Namibia focussed on assessing the gold potential at Gorob-Vendome Deposit where most of the historic drill programs (late 70's and early 80's) were not assayed for gold so positive results will potentially increase the attractiveness of the Hope Copper-Gold project; and ii)  the Kalengwa project in Zambia to test one or more of the identified promising anomalies, and for the group's general working capital purposes.

Related Party Transaction: As Mr. Bird is a director of the Company and in light of the size of his subscription, his participation in the Fundraising is being treated as a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors, being Mr. Ronnie Siapno and Dr. Evan Kirby, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, consider Mr. Bird's participation in the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.

Further Details on the Fundraising: Pursuant to the Placing and the Subscription, in aggregate, 781,250,000 new Ordinary Shares (the "Fundraising Shares") will be issued at the Placing Price to certain new investors and Colin Bird conditional upon admission of the Fundraising Shares to trading on AIM ("Admission").  The Placing Price represents a discount of 27 per cent. to the closing middle market price of an Ordinary Share of 0.11 pence on 27 August 2020, being the latest practicable date prior to this announcement.  Each of the participants in the Fundraising  will also receive half a warrant exercisable at 0.16 pence for each Fundraising Share which they have subscribed valid for two years from Admission. The Company is also issuing a warrant to Novum to subscribe for 37,500,000 new Ordinary Shares exercisable at the Placing Price for a period of two years from Admission.

The Fundraising Shares represent, in aggregate, approximately 26 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Fundraising Shares). The Fundraising Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

Application to trading on AIM : The Fundraising is conditional on admission of the Fundraising Shares to trading on AIM ("Admission").  Application will be made to the London Stock Exchange for the total of 781,250,000 Fundraising Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence at 8.00 a.m. on 14 September 2020.

Total Voting Rights after Fundraising : Following the issue of the Fundraising Shares, the Company's total issued share capital will consist of 2,989,901,039 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 2,989,901,039 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.

Colin Bird, Executive Chairman of Bezant, commented :

"Th e commencement of reconnaissance drilling at both the Hope Copper-Gold Project and the Kalengwa project will enable us to further develop our understanding of these two significant projects in a positive market for gold and copper.

A t the Gorob-Vendome Deposit rock chip result s have returned g old grades of 0.1-6.8 g/t Au in association with a copper mineralisation. These r ockchip results show that there is gold associated with the copper minimisation within the Gorob-Vendome Deposit, similar to that f ound within the Hope D eposit and therefore, it is interpreted that the go ld grade of the current JORC (2012) Mineral   R esource  of 10.2Mt @1.9% Cu and 0.3g/t Au at a 0.7% Cu is a significant under estimate .

At Kalengwa the anomalies are within 2-4Km of the historic Kalengwa mine and an untested 13 km long copper soil anomaly aligned with the major structure ."

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.

Qualified Person's Statements

In accordance with the AIM Note for Mining and Oil & Gas Companies, June 2009, Colin Bird, CEng, FIMMM, a South African and UK Certified Mine Manager and Executive Chairman of Bezant, with more than 40 years' relevant experience, is the qualified person who has reviewed and approved the technical information contained herein.

Glossary

A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Au"  Gold

"Cu"  Copper

"Mt"  million tonnes

"kt"  thousand tonnes

"g/t"  grammes a tonne

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Colin Bird
2.	Reason for the Notification
a)	Position/status	Director of the Company (Executive Chairman)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bezant Resources plc
b)	LEI	2138008K9GRXDUVYVK15
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.002p each in the share capital of the Bezant Resources plc
	Identification code	GB00B1CKQD97
b)	Nature of the Transaction	Subscription for ordinary shares pursuant to a placing of ordinary shares for cash by the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.08p 31,250,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	27 August 2020
f)	Place of the transaction	Outside a trading venue

 

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