Statement re Cyprus Joint Venture with Caerus
3 October 2022
Bezant Resources Plc
("Bezant" or the "Company")
Statement re Cyprus Joint Venture with Caerus Mineral
Bezant (AIM: BZT), the copper-gold exploration and development company, notes that on 30th September 2022 Caerus Mineral Resources ("Caerus") issued an RNS announcement in relation to its interim results for the six months ended 30 June 2022 (the "Caerus Interim RNS") in which various statements were made regarding the Joint Venture Agreement between Caerus and Bezant (the "Joint Venture") and the parties obligations to fund Joint Venture expenditure of up to US$500,000 each 45 days prior to commencement of an agreed work programme and Bezant's non-payment of obligations due under the Joint Venture Agreement.
The Bezant interims to 30 June 2022 ("Bezant Interims") recognise a carrying value of GBP228,307 under exploration and evaluation assets. Caerus has requested GBP227,549 as Bezant's share of the Joint Venture expenditure and Bezant have provided for the payment of this amount in the Bezant Interims under trade and other payables. Following the change of management and business direction announced by Caerus earlier this year, the Company has been in recent communication with Caerus regarding the outstanding amount and for an update on the prospects for the Joint Venture, pending which the balance has not been paid although it is confirmed that the Company's current cash resources would enable it to do so. For further clarification, neither Bezant nor Caerus have nor sought to commence any dispute resolution procedures in relation to the Joint Venture Agreement.
Colin Bird commented "I will be seeking a meeting with the new management of Caerus in relation to this matter and we will provide a further update on the outstanding balance and the joint venture generally when we have had this opportunity."
For further information, please contact :
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Bezant Resources plc Colin Bird Executive Chairman
Beaumont Cornish (Nominated Adviser) Roland Cornish
Novum Securities Limited (Broker) Jon Bellis
or visit http://www.bezantresources.com
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+44 (0)20 3416 3695
+44 (0) 20 7628 3396
Tel: +44 (0) 20 7399 9400
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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 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
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