Bezant Resources PLC - London-based metals explorer - Says it has entered into an exclusive and legally binding heads of agreement on Thursday to acquire 100% of Virgo Resources Ltd. Virgo owns - through its subsidiary Hepburn Resources Pty Ltd - 70% of Hope and Gorab Mining Pty Ltd which owns EPL5796 the Hope Cooper-Gold project in central Namibia, 80% of Hope Namibia Mineral Exploration Pty Ltd which owns the adjacent EPL6605 and, has option to acquire a 80% interest in nearby EPL7170. Bezant to issue Virgo 422.1 million shares at 0.2 pence each, GBP135,000 through the issue of shares, and GBP85,600 in cash.
Bezant says it has also raised GBP350,000 through placing. Fundraise comprises placing of 406.3 million shares at 0.08p each and a subscription by Executive Chair Colin Bird for 31.3 million shares at the placing price for a total of GBP25,000. Following subscription, Bird has a stake of 3.3%. The new cash will be used to progress the company's evaluation of the Kalengwa project in Zambia, geophysics and geochemistry in relation to the Hope Copper-Gold project, vendor consideration for the acquisition and for general working capital purposes. On admission, Bezant will have 1.7 billion shares in issue.
Current stock price: 0.11p
Year-to-date change: down 42%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Bezant Res (BZT)