07:00 Fri 12 Feb 2021
Bezant Resources PLC - Acquisition of Metrock Completed & Issue of Equity
Bezant Resources Plc
("Bezant" or the "Company")
Completion of Acquisition of 100% of Metrock Resources Ltd and its mineral exploration licences in
Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce i) further to its announcement on
"We are excited regarding the completion of the acquisition of Metrock and its Kanye Manganese Project which is in an area which has clear evidence of high manganese grades suitable for use in battery metals. We have commenced planning an initial exploration programme involving reconnaissance field work and trenching and drilling as appropriate .
The acquisition of EPL 7170 is very exciting in that we now have a 130km tract in the Matchless Copper Belt which has not been explored and is highly prospective. The area will be helicopter flown in the first half of this year to expedite target generation and hopefully expand our copper gold inventory in the area. This at a time when the medium term price outlook for Copper continues to increase with reports on scarcity of new projects and increasing demand due to the acceleration of EV global production."
Completion of Metrock Acquisition:
1. Consideration: The share and cash consideration paid by the Company at completion of the Metrock Acquisition is i)
2. Payment of Metrock Creditors: The Company also settled creditors of Metrock of approximately
3. Further information regarding the Metrock Acquisition is provided below under the heading Further Information Regarding Metrock Acquisition.
Highlights regarding issue of new Namibian Licence:
· Exclusive Prospecting Licence ("EPL") 7170 is valid until
· The Company proposes to undertake an airborne EM survey in the first half of 2021 along the prospective belt to identify previously unrecognised massive sulphide targets hidden beneath sand/overburden cover and at depth
· The Bezant licence block is located in
· 15,763,889 new Bezant Shares at a deemed issue price of
Issue of Shares to Creditor
8,296,296 new Bezant Shares are being issued to Breamline Pty Ltd to settle
Summary of Shares to be issued
Application to trading on AIM: Application will be made to the London Stock Exchange for a total of 270,064,999 new Bezant Shares to be admitted to trading on AIM being the Ordinary Shares Consideration, the Loan Accounts Consideration Shares, the Initial Shares and the Virgo Loan Shares (the "Admission"). It is expected that Admission will become effective and that dealings in the new Bezant Shares will commence at on or around
Total Voting Rights after Fundraising: Following the issue of the Ordinary Shares Consideration, the Loan Accounts Consideration Shares, the Initial Shares and the Virgo Loan Shares, the Company's total issued share capital will consist of 3,813,764,115 Ordinary Shares with voting rights (the "Enlarged Share Capital"). 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 above mentioned figure of 3,813,764,115 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.
Further information regarding Metrock Acquisition:
Lock up and Orderly Market: The Ordinary Shares Consideration and the Loan Accounts Consideration Shares will be subject to orderly market trading and release schedules as follows;
i) 25% of the Share-based Consideration will be freely tradable on Admission
ii) 25% of the Share-based Consideration will be freely tradable after five (5) months from Completion
iii) 50% of the Share-based Consideration will be freely tradable after ten (10) months from Completion
Significant Shareholder:
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Shares being issued |
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At Admission |
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Current Holding |
Metrock Consideration |
Virgo Loan Shares |
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Holding |
As % of the Enlarged Share Capital |
Tonehill Pty Ltd |
64,356,718 |
16,348,774 |
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80,705,492 |
2.116% |
Coreks Super Pty Ltd |
49,814,576 |
16,348,774 |
11,407,407 |
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77,570,757 |
2.034% |
Breamline Pty Ltd |
58,168,573 |
105,599,334 |
8,296,296 |
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172,064,203 |
4.512% |
Total |
172,339,867 |
138,296,882 |
19,703,703 |
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330,340,452 |
8.662% |
Further Information Regarding Issue of New Namibian Licence:
Lock up and Orderly Market: The New Shares, from when issued and admitted to trading, will be subject to orderly market trading and release schedules as follows;
i) 25% of the New Shares will be freely tradable on admission
ii) 25% of the New Shares will be freely tradable after six (6) months from date of admission
iii) 50% of the New Shares will be freely tradable after twelve (12) months from date of admission
Milestone Payments: In the event of a JORC compliant resource being declared on EPL 7170 meeting the milestone triggers in the table below then milestone payments of
Milestone |
Milestone Condition |
Milestone Payment
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Milestone 1 |
Upon delineating and reporting a JORC compliant Inferred Resource on EPL 7170 of greater than 2 Mt @ 2,5% CuEq using a cut-off grade of 0.4% Cu,
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Milestone 2 |
Upon delineating and reporting a JORC compliant Inferred Resource an on EPL 7170 of greater than 4 Mt @ 2,5% CuEq using a cut-off grade of 0.4% Cu,
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Ongoing Project assistance: Bezant will enter into a business relationship and general management agreement with Lovisa Mwandingi Haufiku or her nominated business entity for
Hope Copper-Gold Project Background Information
Project Area: The Hope Copper-Gold project (EPL 5796) and adjacent tenures EPL 6605 and EPL 7170, are located in central
Ownership and location: The tenures are located in the Namib Desert of
Regional Geology and Mines: The area covered by the Hope Copper-Gold Project is characterised by superficial quaternary sand and gravel overlying the Swakop Group of the Damara Supergroup. The area is dominated by massive mica schists of the Kuiseb Formation of the Pan-African Damara Orogen. These lithologies host multiple high-grade copper-gold Besshi Type massive sulphide deposits, such as the historically mined Otjihase Copper deposit (>16Mt @ 2.2% Cu & 1.2g/t Au) to the northeast of the Hope property.
JORC Resource: The Hope Copper-Gold Project covers 1,061km2 of the highly prospective Matchless Copper Belt. The Bezant project area contains a series of copper deposits, of which three (Hope, Gorob-Vendome and Anomaly) make up a combined Indicated and Inferred Mineral Resource of 10.2Mt @ 1.9% Cu and 0.3g/t Au at a 0.7% Cu cut-off, reported in accordance with the JORC Code (2012),, containing 192kt of Cu metal and 3,190kg of Au. Approximately 30% of the Mineral Resource tonnage is classified in the "Indicated" Mineral Resource category with the balance in the "Inferred" Mineral Resource category and the estimate was based on 339 drill holes for a total of 63,855 metres.
Previous Exploration: Previous exploration on the Bezant licence block focussed on the known prospects in the immediate vicinity of the Hope and Gorob deposits on EPL 5796, mainly due to the fact that they outcrop and are still open at depth. This work has led to a sound understanding of these copper-gold prospects but has left the vast majority of the area unexplored, especially by modern exploration techniques. EPL 6605 and EPL 7170 contain the Niedersachsen Cluster which includes three previously discovered copper prospects (
Sand and overburden cover has hindered past exploration and much of the belt lies hidden under such cover.
Planned Regional Exploration: Apart from evaluation of the historic copper showings along the belt, Bezant proposes to test the massive sulphide potential by undertaking a regional airborne EM survey to identify conductors either hidden from previous explorers by sand/overburden cover or buried at depth. Commencement of this survey is planned for the first half of 2021.
EPL Licences: Exclusive Prospecting Licences such as EPL 5796, EPL 6605 and EPL 7170 allow searching, whether by way of excavations or otherwise, for minerals or group of minerals with a view to delineating or evaluating deposits or concentrations of any such a mineral or group of minerals. EPL 5796 is for base and rare metals and precious metals and EPL 6605 and EPL 7170 are for base and rare metals: dimension stone, industrial minerals; precious metals.
The information on the Hope Copper-Gold Project has been sourced from the geology and resource estimate competent persons report prepared by Measured Group Pty Ltd for Virgo Resources Limited on
For further information, please contact:
Bezant Resources Plc
Executive Chairman |
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Novum Securities Limited (Broker)
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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 Regulation (EU) No. 596/2014.
Qualified Person:
Technical information in this announcement has been reviewed by
TECHNICAL GLOSSARY
The following is a summary of technical terms:
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
Note:
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the
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 |
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a) |
Name |
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2. |
Reason for the Notification |
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Position/status |
Director of the Company (Executive Chairman) |
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b) |
Initial notification/amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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Name |
Bezant Resources plc |
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b) |
LEI |
2138008K9GRXDUVYVK15 |
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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 |
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a) |
Description of the Financial instrument, type of instrument |
Ordinary shares of 0.002p each in the share capital of the Bezant Resources plc |
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Identification code |
GB00B1CKQD97 |
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b) |
Nature of the Transaction |
Issue of ordinary shares as consideration for an acquisition |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information Aggregated volume Price |
N/A (Single transaction) N/A |
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e) |
Date of the transaction |
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f) |
Place of the transaction |
Outside a trading venue |
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