Bezant Resources PLC Termination of Transaction Agreement with MMIH (9167W)
April 28 2021 - 8:02AM
UK Regulatory
TIDMBZT
RNS Number : 9167W
Bezant Resources PLC
28 April 2021
28 April 2021
Bezant Resources Plc
("Bezant" or the "Company")
Termination of Transaction Agreement with MMIH
Bezant (AIM: BZT), the copper-gold exploration and development
company, announces that it has served notice of termination of its
transaction agreement (the " Transaction Agreement ") dated 4
October 2019 with Mining and Minerals Industries Holding Pte. Ltd.
("MMIH"), a private company incorporated in Singapore, with respect
to the sale of 80 per cent. of the Company's interest in the
Mankayan copper-gold project in the Philippines (the "Mankayan
Project") to MMJV Pte. Ltd. ("MMJV"), a 100 percent subsidiary of
MMIH, (the "Transaction").
Full details of the Transaction were set out in the Company's
announcement of 7 October 2019 and, unless otherwise defined
herein, capitalised terms used in this announcement shall have the
same meanings as given to them in such previous announcement.
Completion of the Transaction was announced on 18 November 2019
with Bezant retaining a residual 20 per cent. interest in the
project via Asean Copper and updates were announced on 15 June
2020, 5 October 2020, 2 November 2020, 13 November 2020 and on 8
April 2021 when 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 by way of a reverse takeover
transaction was announced.
The Company has terminated the Transaction Agreement in
accordance with its terms as MMIH has not met its Total Funding
Commitment (defined below) under the Transaction Agreement, and is
taking steps to recover the shares transferred to MMJV under the
Transaction Agreement and is taking advice from Singapore counsel
on the appropriate steps forward.
The consideration payable by MMIH under the Transaction
Agreement comprised:
i) a funding commitment of up to US$2.25m (approximately GBP
1.82m) to be deployed, inter alia, to satisfy the Exploration
Period Requirements;
ii) subject to the MPSA being renewed following completion of
the Exploration Period Requirements to the satisfaction of the
relevant Philippine authorities, a further funding commitment of up
to S$5.5m (approximately GBP 3.23m) to be applied in undertaking a
definitive feasibility study; and
iii) the issue of S$10m (approximately GBP 5.87m) of shares in
CHX or other listed entity holding MMJV on the Singapore Stock
Exchange ("ListCo"), subject to successful completion of the
abovementioned RTO Transaction.
The funding commitments in i) and ii) collectively are the
"Total Funding Commitment".
Bezant, will explore and pursue options including the
possibility of re-positioning 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 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
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END
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April 28, 2021 08:02 ET (12:02 GMT)
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