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Bezant Resources PLC- copper-gold exploration and development company - Says GBP1.2 million fundraise was oversubscribed. Places 923.1 million shares at price of 0.13p each.
Chair Colin Bird says: "The focus for the use of the placing proceeds is to undertake exploration at the company's copper projects in Namibia, Cyprus and Zambia and at the company's Kayne manganese project in Botswana, and we look forward to updating shareholders on these exploration activities."
Also notes completes conditional agreement with IDM Mankayan Pty Ltd to take the Mankayan project in the Philippines forward and now owns 27.5% of IDM with the remaining 72.5% owned by "established investors" in the mining sector.
"Bezant are pleased to be working with IDM and its experienced mining sector investors to support the renew of the mineral production sharing agreement at a time when the Philippine government have announced that they wish to revitalise mining in the Philippines," Bird adds.
Current stock price: 0.14 pence, down 11% on Thursday
Year-to-date change: down 43%
By Paul McGowan; paulmcgowan@alliancenews.com
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