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LONDON (Alliance News) - Bezant Resources PLC on Monday said it has entered into an option agreement to potentially acquire Leewards Islands Exploration LLC, a special purpose vehicle with rights to buy interests in platinum and gold mining licences in Colombia.
Leeward owns the rights to potentially buy interests in near-surface, alluvial platinum and gold mining exploration licences in the Choco Department of Colombia.
Bezant will pay an upfront USD50,000 option fee and will provide Leeward with a USD350,000 loan facility to cover working capital on the licences. If Bezant exercises the option, which will be valid until December 31, it will pay a USD1.0 million cash consideration and another USD1.0 million in shares to acquire the licence interests.
"I have spent considerable time assessing these attractive project licences over the course of the last few months and believe that the licence areas afford the opportunity to yield significant future value. I further believe that the acreage is situated in one of the world's most significant and largely undeveloped platinum regions, being the source where platinum was first discovered," said Ed Nealon, Bezant's chairman.
Bezant also said it is continuing to pursue opportunities for the Mankayan copper-gold project in the Philippines, but said ongoing uncertainty about the tax regime in the country and upcoming elections mean that the group realising value from any transaction involving the project remains uncertain in the near term.
Bezant shares were untraded on Monday, having last traded at 2.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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