(Alliance News) - Bezant Resources PLC said Friday it has raised GBP625,000 through a placing and subscription, which will go towards work at the Hope copper-gold project in Namibia and the Kalengwa project in Zambia.
The fundraising comprises a placing of 750.0 million shares at a price of 0.08 pence each, raising GBP600,000 in total, and a subscription for 31.3 million shares by Executive Chair Colin Bird for GBP25,000.
Following the transaction, Bird will hold 87.5 million shares overall, reflecting a 2.9% interest in the copper & gold explorer.
Shares in Bezant Resources were 7.3% lower at 0.097 pence on Friday in London.
Proceeds from the fundraise will be used to progress reconnaissance drilling at the Hope copper-gold project, which will focus on assessing the gold potential at the Gorob-Vendrome deposit.
This is also the Kalengwa project, which Bezant is seeking to test one or more of several identified promising anomalies.
Following the fundraise, Bezant Resources now has 2.99 million shares issued overall.
"The commencement of reconnaissance drilling at both the Hope Copper-Gold project and the Kalengwa project will enable us to further develop our understanding of these two significant projects in a positive market for gold and copper," Bird said.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bezant Res (BZT)