Bezant Resources PLC - copper-gold exploration and development company - Reverse takeover by Singapore-listed AsiaPhos Ltd of company's 100%-owned subsidiary MMJV Ltd is called off.
"AsiaPhos' rationale for the termination of the AsiaPhos is that MMIH will require additional time to find investors to raise the necessary funds for the fundraising which was due to be undertaken as a condition precedent under the AsiaPhos and that due to the ongoing Covid-19 pandemic and travel restrictions AsiaPhos believes that it will not be possible to complete the AsiaPhos before it's long stop date being on or before November 12," company explains.
Bezant was to net GBP6.5 million for the deal.
Current stock price: 0.21 pence
Year-to-date change: down 16%
By Paul McGowan; paulmcgowan@alliancenews.com
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Bezant Res (BZT)