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Bezant raises £550k via placing

By BFN News | 02:31 PM | Wednesday 06 December, 2017

Bezant Resources has confirmed that the Company has raised £550,000 before expenses through a conditional placement of 110,215,750 new ordinary shares at 0.4p apiece. The Company also provided the following strategic update: Further to the Company's announcement of 15 November 2017, regarding the successful conclusion of the mining to bedrock and grade verification process and initiation of the next phase of production ramp-up at its wholly-owned Choco gold-platinum project in Colombia (the "Choco Project"), the Board has undertaken a strategic review of the development options and requisite funding required to achieve a sustained full-scale commercial mining operation and has concluded that it is in the best interests of the Company and its shareholders to temporarily halt production and reduce project expenditure whilst it seeks to procure the funding required to complete the full-scale ramp-up process through either project/asset level financing or an appropriate farm-in partner. As part of its strategic review process, the Board has held discussions with a number of institutional shareholders and the Company's brokers and concluded that to continue pursuing mining development at the Choco Project financed through further equity raisings on the capital markets would be overly dilutive to existing shareholders and that, the operational development and proving-up of the project achieved to date, provides greater scope to pursue alternative, less dilutive, sources of finance. Since acquiring its Colombian licence interests, the Company has, to date, successfully developed an open pit mining operation at the Choco Project to bedrock levels which has enabled the extraction of high-grade material and large-scale grade verification. Accordingly, the Company now has a comprehensive data set associated with the Choco Project, a full mining licence (FKJ-083) and has demonstrated its ability to conduct mining operations. Further to its rapid creation of an operational mine and associated infrastructure in Choco, Colombia, the Company has already received approaches regarding potential project level investment. The Choco Project will therefore now be placed on a care and maintenance footing in order to minimise costs until such time as the requisite development funding is secured to support recommencement of production and subsequent full-scale ramp-up. In summary, the Board therefore intends to reduce operating costs to a minimal level and adopt an exploration and partnering model for its Colombian assets. This will then enable the Company to, inter alia: 1. seek an appropriate farm-in partner or alternative funding source at the project/asset level for the Choco Project; 2. compile a comprehensive marketing document, being the first international operator in the area, covering all aspects of the Choco Project, including both operational and mining related data, as well as setting out the expansion and regional opportunities; and 3. seek to identify and assess potential further precious and industrial metals opportunities in Colombia. Edward Nealon, Chairman of Bezant, today commented: "It is with great disappointment that we have been unable to raise the required level of equity funding from the capital markets to progress our Choco Project into full-scale commercial production, despite the considerable work that has been completed to-date in successfully proving-up the project's viability and concept. "We fundamentally believe that the project remains an attractive and high quality asset and are confident that we will, in due course, be able to secure the requisite development funding from an alternative source, such as a local farm-in partner at the asset level, to enable us to recommence production and fulfill the project's undoubted potential, particularly in light of the current improving outlook for commodity prices and interest expressed in the project in the region. "Today's unfortunate requirement for a highly discounted fundraising will enable us to pursue this revised funding strategy whilst also seeking to realise value from the other assets in our portfolio and I believe this strategy will deliver results without requiring us to continue raising further funds for mine production ramp-up in the equity markets." At 2:31pm: (LON:BZT) Bezant Resources PLC share price was -0.38p at 0.45p Story provided by

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