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Bezant higher as it finalises sale of Mankayan stake

The AIM-listed firm said all conditions had been satisfied and that a further announcement will be released in due course to confirm completion

Bezant Resources PLC - Bezant higher as it finalises sale of Mankayan stake
Bezant will retain a 20% stake in the copper-gold project

Bezant Resources PLC (LON:BZT) saw its shares move higher on Wednesday after the group said it was finalising legal documents for the sale of 80% of its stake in the Mankayan copper-gold project in the Philippines.

The AIM-listed firm said all conditions for the sale had been satisfied and that a further announcement will be released in due course to confirm completion of the transaction.

WATCH: Bezant Resources secures funding deal for its Mankayan copper project

The stake in Mankayan is being sold to Mining and Minerals Industries Holding Ltd in return for an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.

In mid-afternoon trading, Bezant shares were 12.3% higher at 0.2p.

Quick facts: Bezant Resources PLC

Price: 0.215 GBX

AIM:BZT
Market: AIM
Market Cap: £2.15 m
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Bezant Resources focused on developing its copper and base metals assets in...

Mining Capital's Alastair Ford discusses the recent fundraise by Bezant Resources PLC (LON:BZT) and its focus in 2020. Ford says the company's a fair way into what's being described as an important transitioning period. Recently it’s parted with 80% of the sizeable Mankayan copper and gold...

2 days, 22 hours ago

2 min read