Bezant Resources PLC (AIM:BZT) said it has raised £750,000 in new funding and tidied up some outstanding consultancy and directors fees as it prepares to start work on projects in Namibia, Botswana, and the Philippines.
The funding comprises a placing and subscription at 0.04p to raise the £750,000, with directors and consultants also taking £175,000 and £101,000 worth of shares respectively in lieu of fees at a premium to the placing price.
In a statement, Colin Bird, Bezant’s executive chairman, who subscribed £25,000 in the funding round, said: "The focus for the use of the fundraising proceeds, whilst we await the issue of a mining licence at the Hope and Gorob project [Namibia] are technical studies and negotiations with contractors, and the obtaining of non-equity financing with a view to commencing operation in 2024."
Bird added that the plan at Hope and Gorob is for an 8,000 tonnes a year copper/ gold mine while also exploring a separate clearly defined anomaly identified by an airborne survey and previous exploration.
“At the Kayne manganese project in Botswana the focus will be metallurgical test work and in-house Mineral Resource estimation and planning follow-up drilling,” Bird noted.