Ajax and Bezant agree terms for potential sale of Eureka project

(Alliance News) - Ajax Resources PLC and Bezant Resources PLC on Tuesday said they have agreed on the terms of a proposed sale of Bezant's Puna Metals SA subsidiary.

Ajax Resources is a natural resources-focused special purpose acquisition company. Bezant Resources is a copper and gold exploration company with projects in Africa, South America and the Philippines.

Puna Metals holds the twelve licences which make up the Eureka project in northern Argentina. Bezant recorded GBP11,000 in total assets and GBP105,000 in liabilities related to the project at its 2023 year-end.

"The project is in the advanced exploration stage and is drill-ready, with the potential to become a low-cost gold/copper mine within approximately 3/4 years subject to permitting and other variables," Ajax noted.

Under the terms of the potential deal, Bezant would receive an initial USD120,000 cash payment, followed by the deferred consideration of an additional USD100,000 in new Ajax shares. The deferred payment will become payable upon the admission of Ajax's enlarged share capital to a recognised stock exchange or multilateral trading facility, Bezant said.

Ajax shares are currently suspended from trading in London at the firm's request, as the acquisition would constitute an initial transaction under UK Financial Conduct Authority listing rules.

Bezant shares were down 8.5% at 0.022 pence in London on Tuesday afternoon.

Further information on the deal will be provided "in due course".

By Emily Parsons, Alliance News reporter

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