RNS6 Nov 2020 16:35
Update on acquisition of the 30% Joint-Venture
interest in the Kalengwa exploration project, Zambia
Bezant (AIM: BZT), the copper-gold exploration and development company, announces, further to its announcement on 27 April 2020, that it has agreed with KPZ International Ltd to revise the payment terms of the US$250,000 due to the existing shareholders of KPZ International Ltd.
Revised settlement arrangements; Under the terms of the joint-venture agreement dated 24 April 2020 the company was meant to make two payments of US$125,000 each on or before 1 August 2020 and 1 December 2020. The parties have today agreed that instead of making these two cash payments the Company will instead issue new ordinary shares in the Company at an issue price of 0.25p per share being the 3 day VWAP based on the closing share price on 5 November 2020 the date before the agreement and an FX rate of GBP1 = US%$1.30, this will result in the Company issuing 76,923,077 new shares to the shareholders of KPZ International Ltd. The new shares being issued will rank pari passu with the Company's existing shares.
Colin Bird, Executive Chairman of Bezant, commented:
"I would like to thank the KPZ shareholders for their confidence in accepting payment in shares which even more closely aligns our mutual interests in relation to the Kalengwa project, we look forward to continuing to work with our partners, and I look forward to updating shareholders in due course on our work on the project. "