Read and DYOR. Mankayan14 Oct 2020 15:45
https://www.investegate.co.uk/bezant-resources-plc--bzt-/rns/update-on-mmih-and-mankayan-project/202010050700060222B/
Extract
Update on MMIH (Singapore) Transaction
and Mankayan Copper-Gold Project, Philippines
Bezant (AIM: BZT), the copper-gold exploration and development company, announces an update on its transaction with Mining and Minerals Industries Holding Pte. Ltd. ("MMIH"), a private company incorporated in Singapore, with respect to the disposal of 80 per cent of the Company's interest in the Mankayan copper-gold project in the Philippines (the "MankayanProject") (the "Transaction").
Highlights:
· a non-binding term sheet, subject inter alia to due diligence, has been signed by AsiaPhos Ltd ("AsiaPhos") a company listed on the Singapore Exchange Securities Trading Limited (the "Singapore Stock Exchange" or "SGX") Catalist Board, to acquire MMJV Pte. Ltd. ("MMJV"), a 100 percent subsidiary of MMIH, by way of a reverse takeover transaction by the issue of AsiaPhos shares for the lower of i) Singapore $72M (approx. GBP42M) or ii) fifty percent (50%) of an independently Agreed Valuation (as defined below). If the Proposed AsiaPhos Acquisition (defined below) is completed then, under the terms of the Transaction between Bezant and MMIH, Bezant is due to be issued S$10m (approximately £5.6m) of shares in the listed entity holding MMJV.
· Extension of Exploration period under the MPSA to the expiry of the MPSA on 11 November 2021 and a reduction in expenditure commitments.
Colin Bird, Executive Chairman of Bezant, commented :
" We are pleased that the exploration period under the MPSA has been extended to its expiry on 11 November 2021 and that the expenditure requirements have been reduced. We are also pleased that MMIH are progressing with a proposed listing on a recognised stock exchange, the SGX being a suitable venue for the listing of an Asian asset. The Board will provide further updates to shareholders as and when appropriate.
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