Bezant Resources PLC (AIM:BZT) shares fell 24% to 0.065p after the AIM-listed copper-gold exploration company raised £2.07 million through an oversubscribed placing and subscription priced at the same level as the day's closing share price, representing a 23.5% discount to the previous close of 0.085p.
The proceeds will fund the cash element of Bezant's acquisition of an additional 20% interest in its Hope and Gorob project in Namibia, lifting its stake from 70% to 90%, as well as mine development and plant improvements targeting first copper-gold concentrate production in the second half of 2026.
Chairman Colin Bird and finance director Raju Samtani each subscribed for £20,000 of shares in the fundraise.
Each participant also received one warrant exercisable at 0.165p per share for three years from admission, which is expected on 8 April 2026.
The raise is intended to bridge the company's requirements pending completion of a separate $7 million financing facility.