£700,000 Drawdown under Funding Facility
30 June 2022
Bezant Resources Plc
("Bezant" or the "Company")
£700,000 Drawdown under Funding Facility
Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcement of 23 November 2021 confirms that it has issued two drawdown notices of £350,000 each ("Tranche 1" and "Tranche 2") for a total amount of £700,000 (the "Drawdowns") under its £1,000,000 unsecured convertible loan funding facility with Sanderson Capital Partners Ltd (the "Lender"), a long-term shareholder in the Company (the "Facility"). The amount drawdown is repayable in 12 months and convertible by the Lender at the fixed prices; £350,000, at 0.19 pence per share and £350,000 at 0.225 pence per share. The Company can use the Facility, at its discretion, to fund the working capital requirements of the Company and its subsidiaries as determined by the Company and proposes to use the funds in the first instance to advance exploration and its mining licence application in Namibia, exploration at its Kanye Manganese project in Botswana and the general working capital requirements of the group.
Colin Bird, Executive Chairman said :
"In these very difficult financing times, we are pleased that in November last year we put the Facility in place. We are mindful of the excessive inflation hitting all aspects of industry and we will be looking where we can minimise expenditure whilst maintaining project progress. Like our shareholders, we remain hopeful that the 3rd quarter of the year may see more normal conditions returning to the markets."
Under the terms of the Facility the Lender is due;
i) a drawdown fee of £14,000 being 2% of the amount drawdown which will be settled by the issue of 12,522,361 new ordinary shares of £0.00002 each ("Shares") credited as fully paid at 0.1118 pence per share being the f ive -d ay VWAP on 29 June 2022 (the "Drawdown Fee Shares"); and
ii) £350,000 of three year warrants over Shares (the "Warrants"). The exercise price for the Warrants are as follows:
· £175,000 at 0.25 pence per share for the drawdown of Tranche 1; and
· £175,000 at 0.30 pence per share for the drawdown of Tranche 2.
Admission to AIM
Application will be made for the 12,522,361 Drawdown Fee Shares, which will rank pari passu in all respects with the Company's existing Shares, to be admitted to trading on AIM (" Admission "). The Admission is expected to take effect on or around 6 July 2022. The Drawdown Fee Shares will represent 0.25% of the Company's issued share capital as enlarged by the issue of the Drawdown Fee Shares.
Total Voting Rights
On Admission of the Drawdown Fee Shares, the Company will have 5,051,711,613 Shares in issue with voting rights. Bezant does not currently hold any shares in treasury. Accordingly, this figure of 5,051,711,613 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 in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Further AIM Disclosures
Sanderson Capital Partners Ltd have confirmed that they and associates current hold 201,980,915 shares in the Company. Following the issue of the 12,522,361 Drawdown Fee Shares, Sanderson will be interested in 214,503,276 Shares representing 4.25% of the Company's enlarged issued share capital on Admission.
For further information, please contact:
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Bezant Resources Plc Colin Bird Executive Chairman |
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Beaumont Cornish (Nominated Adviser)
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Novum Securities Limited (Broker) Jon Belliss
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+44 (0) 20 7399 9400
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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 Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
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