(Alliance News) - Bezant Resources PLC said on Wednesday that all the conditions have been satisfied in relation to the disposal of its 80% interest in Mankayan Copper-Gold Project in Philippines to Mining & Minerals Industries Holdings Pte Ltd.
The copper-gold exploration and development company said the requisite legal documentation is now being finalised to enable the issue of shares in Asean Copper Investments Ltd to Mining Minerals.
Mining & Minerals will acquire an 80% stake in Asean Copper Investments Ltd, the special purpose vehicle through which Bezant owns an interest in the Mankayan project.
As part of the agreement, Mining & Minerals entered a separate deal to vend certain mining assets in the Philippines to Singapore-listed China Hongxing Sports Ltd, which if completed would constitute a reverse takeover under the Singapore Stock Exchange's listing rules.
Mining & Minerals' consideration for the 80% stake comprises a funding commitment of up to USD2.3 million to satisfy exploration period requirements, a further funding commitment of up to USD5.5 million to be applied in creating a definitive feasibility study.
Bezant Resources shares were up 12.3% in London at 0.22 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Bezant Res (BZT)