Bezant Resources PLC (LON:BZT) has issued an update on the acquisition of MMJV Pte Ltd, a subsidiary of Mining and Minerals Industries Holding Pte Ltd (MMIH), by Singapore-listed AsiaPhos Ltd through a reverse takeover transaction.
The company said AsiaPhos has announced that on November 12 it entered a conditional sale and purchase agreement with MMIH to acquire 100% of MMJV. Under the terms of the deal, AsiaPhos will acquire MMJV by way of a reverse takeover to be satisfied by the issue of AsiaPhos shares for the lower of either 72mln Singaporean dollars (£40.5mln) or 50% of an independently agreed valuation.
READ: Bezant Resources agrees to pay KPZ in shares for Kalengwa stake
Bezant added that if the proposed acquisition is completed, it is due to be issued 10mln Singaporean dollars (£5.6mln) of shares in the listed entity holding MMJV.
"We are pleased to note that MMIH have entered into the AsiaPhos SPA…The Board will provide further updates to shareholders as and when appropriate”, Bezant executive chairman Colin Bird said in a statement.
Bezant shares soared 68.1% to 0.44p in early afternoon trading on Friday.