Bezant Resources PLC MMIH Reverse Transaction with AsiaPhos Terminated (8929U)
April 08 2021 - 12:06PM
UK Regulatory
TIDMBZT
RNS Number : 8929U
Bezant Resources PLC
08 April 2021
8 April 2021
Bezant Resources Plc
("Bezant" or the "Company")
MMIH (Singapore) Reverse Transaction with AsiaPhos
Terminated
Bezant (AIM: BZT), the copper-gold exploration and development
company, further to its announcements on 5 October 2020 , 2
November 2020 and 13 November 2020 announces the termination of the
proposed acquisition by AsiaPhos Ltd ("AsiaPhos") a company listed
on the Singapore Exchange Securities Trading Limited (the
"Singapore Stock Exchange" or "SGX") Catalist Board, of MMJV Pte.
Ltd. ("MMJV"), a 100 percent subsidiary of Mining and Minerals
Industries Holding Pte. Ltd. ("MMIH"), by way of a reverse takeover
transaction.
AsiaPhos has on 7 April 2021 announced that it has terminated
it's conditional sale and purchase agreement (the "AsiaPhos SPA")
for AsiaPhos to acquire 100% of MMJV.
AsiaPhos' rationale for the termination of the AsiaPhos SPA is
that MMIH will require additional time to find investors to raise
the necessary funds for the fundraising which was due to be
undertaken as a condition precedent under the AsiaPhos SPA and that
due to the ongoing Covid-19 pandemic and travel restrictions
AsiaPhos believes that it will not be possible to complete the
AsiaPhos SPA before it's long stop date being on or before 12
November 2021 (or such other date mutually agreed in writing) at
the latest or three (3) months from the date on which the proposed
whitewash resolution is approved, whichever is earlier.
The full text of the announcement dated 7 April 2021, from which
this information has been obtained, can be viewed at:
https://links.sgx.com/FileOpen/Asiaphos%20-%20Termination%20Announcement%20Final.ashx?App=Announcement&FileID=656145
Full details of the Company's transaction with MMIH (the
"Transaction") were set out in the Company's announcement of 7
October 2019. Completion of the Transaction was announced on 18
November 2019 with Bezant retaining a residual 20 per cent.
interest in the Mankayan project via a 20% shareholding in Asean
Copper. Updates on the Transaction were announced on 15 June 2020,
5 October 2020 and 2 November 2020.
Bezant has previously noted that, if the AsiaPhos SPA
transaction had successfully completed it would have triggered a
payment of S$10 million (approximately GBP5,600,000), in AsiaPhos
shares being issued to Bezant.
Further to the above update, the board of Bezant, whilst
preserving its position and rights under the Transaction Agreement
will explore and pursue options including the possibility of
re-postioning the Mankayan project within the Company's portfolio
of copper and gold assets. The Company will provide a further
update(s) as and when appropriate.
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +27 726 118 724
Beaumont Cornish (Nominated Adviser)
Roland Cornish +44 (0) 020 7628 3396
Novum Securities Limited (Broker)
Jon Belliss +44 (0) 20 7399 9400
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.
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END
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