Completion of Acquisition of Kellstown Investments

RNS Number : 5579H

Bezant Resources PLC

08 June 2017

 

8 June 2017

Bezant Resources Plc

("Bezant" or the "Company")

Completion of Acquisition of Kellstown Investments Corp.

and Issue of Equity

Bezant (AIM: BZT), the AIM quoted mineral exploration and development company, is pleased to announce that, further to its announcement of 31 May 2017, the Company has now completed the acquisition of the entire issued share capital of Kellstown Investments Corp. ("Kellstown").

Kellstown is a Panamanian special purpose vehicle which, via its wholly owned subsidiary, owns both a processing plant and mobile test plant (the "Mining and Exploration Equipment") and certain other mining equipment which will be utilised in mining operations on the Company's FKJ-083 mining licence in Colombia. Kellstown also holds, inter alia, intellectual property rights in relation to the Mining and Exploration Equipment, and certain proprietary geological information and other data and intellectual property rights for use by Exumax S.A.S. ("Exumax") in performing its services under the mining services agreement, further details of which were announced on 31 May 2017 (the "Mining Services Agreement"). The Mining Services Agreement secured Exumax's management services and expertise for mining and exploration work in respect of the Company's near surface platinum and gold assets located in the Choco Region of Colombia (the "Choco Gold-Platinum Project").

In accordance with the terms of the share purchase agreement between the Company and Exumax's parent company, Verona Investment Group Inc. ("Verona"), the Company is issuing 25,000,000 new ordinary shares of 0.2 pence each in the capital of the Company ("Ordinary Shares") (the "Tranche One Consideration Shares") to Verona. Accordingly, Verona is now interested in 32,201,745 Ordinary Shares representing approximately 9.76 per cent. of the Company's enlarged issued share capital

Deferred consideration comprising a further 15 million new Ordinary Shares will be payable by the Company in due course when the plant being acquired via Kellstown has for 10 consecutive scheduled working days processed 900m³ of material per day.

Application to trading on AIM

Application will be made to the London Stock Exchange for admission of the Tranche One Consideration Shares to trading on AIM ("Admission").  It is expected that Admission will become effective and that dealings in the Tranche One Consideration Shares will commence at 8.00 a.m. on or around 14 June 2017.

Following Admission, the Company's total issued share capital will consist of 329,953,507 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. The Tranche One Consideration Shares will be fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

On Admission, the above figure of 329,953,507 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.

For further information, please contact:

Bezant Resources Plc Bernard Olivier Chief Executive Officer Laurence Read Executive Director / Communications Officer                            Strand Hanson Limited (Nomad)  James Harris / Matthew Chandler / James Dance Beaufort Securities Limited (Broker)  Elliot Hance or visit http://www.bezantresources.com

Tel: [phone] 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 ("MAR").

 

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