Bezant Res Regulatory News (BZT)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF HELIUM ONE GLOBAL LTD IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). MARKET SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

21 October 2021

Bezant Resources Plc

("Bezant" or the "Company")

£1.2M Fundraise, Total Voting Rights and

update on Mankayan Project

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce a fundraising of £1,200,000 which was oversubscribed.

Fundraising: The Company, via its broker Novum Securities Limited, has raised £1,200,000 before expenses from investors. The fundraising comprises a conditional placing of 923,076,923 new Ordinary Shares of 0.002p each (the "Placing Shares") at a price of 0.13 pence per Placing Share (the "Placing Price") (the "Placing").

Use of Proceeds: The net proceeds from the Placing are planned to be used in relation to the following exploration activities;

i) on the Company's Hope Copper-Gold project in Namibia with the main focus on a drilling programme which includes testing electromagnetic target and a preliminary economic assessment;

ii) on exploration and drilling programme in Cyprus in relation to the Company's agreement to explore Caerus Mineral Resource's (LON: CMRS) copper gold projects in Cyprus;

iii) on trenching exploration program at the Company's Kanye manganese project in Botswana; and

iv) on exploration and drilling program at the Company's Kalengwa copper silver project;

and also on corporate overheads and to provide working capital for the group.

Mankayan Project Update: Further to the Company's announcement on 13 September 2021 the Company has completed its conditional agreement with IDM Mankayan Pty Ltd ("IDM"), a company incorporated in Australia, to take the Mankayan Project in the Philippines forward (the "IDM Agreement") and now owns 27.5% of IDM with the remaining 72.5% owned by established investors in the mining sector. The initial objective of IDM is to assist and support Crescent Mining Development Corporation ("CMDC") in its application to renew the Mineral Production Sharing Agreement No. 057-96-CAR (the "MPSA") in respect of the Mankayan Project and upon renewal of the MPSA it is intended that IDM will be acquired by IDM International Limited (ACN 108029198) which used to be listed on the Australian Stock Exchange ("ASX") and which has a current cash balance of approximately A$200,000 and no other assets with a view to IDM International Limited applying to relist on the ASX with its interest in the Mankayan Project as its only asset.

Further Details on the Fundraising: Pursuant to the Placing, in aggregate, 923,076,923 Placing Shares will be issued at the Placing Price to certain new investors conditional upon admission of the Placing Shares to trading on AIM ("Admission"). The Placing Price represents a discount of 18.75 per cent. to the closing middle market price of an Ordinary Share of 0.16 pence on 20 October 2021, being the latest practicable date prior to this announcement. Each of the participants in the Placing will also subject to general meeting approval receive half a warrant exercisable at 0.25 pence for each Placing Share which they have subscribed valid for three years from Admission. The Company is also issuing a warrant to Novum to subscribe for 46,153,846 new Ordinary Shares exercisable at the Placing Price for a period of two years from Admission ("Broker Warrants").

In conjunction with the Placing, the Company proposes to issue the placees a total of 461,538,462 warrants, being half a warrant for every share. The warrants will be exercisable in whole or in part at 0.25 pence per new Ordinary Share to be exercised within 3 years of Admission (the "Placees Warrants"). The issue of Placees Warrants is conditional on shareholder approval of the necessary increase in authority to issue the Placees Warrants. A General Meeting will be convened as soon as practicable and a further announcement will be made in due course as and when the notice convening the meeting is published.

The Placing Shares represent, in aggregate, approximately 19 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Placing Shares). The Placing Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

Application to trading on AIM: The Placing is conditional on admission of the Placing Shares to trading on AIM ("Admission"). Application will be made to the London Stock Exchange for the total of 923,076,923 Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 4 November 2021.

Total Voting Rights after Fundraising: Following the issue of the Placing Shares, the Company's total issued share capital will consist of 4,863,028,538 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.

On Admission, the abovementioned figure of 4,863,028,538 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Colin Bird, Executive Chairman of Bezant, commented:

"The focus for the use of the Placing proceeds is to undertake exploration at the Company's copper projects in Namibia, Cyprus and Zambia and at the Company's Kayne manganese project in Botswana and we look forward to updating shareholders on these exploration activities.

Bezant are pleased to be working with IDM and its experienced mining sector investors to support the renew of the MPSA at a time when the Philippine government have announced that they wish to revitalise mining in the Philippines.

This capital will be utilised on our various projects and we hope to be able to report further news this year and into next year"

For further information, please contact:

or visit http://www.bezantresources.com 

Disclaimer

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the FCA, is acting as Nominated Adviser ("Nomad") to the Company in connection with the matters contained in this announcement, and will not be acting for any other person or otherwise be responsible to any person for providing the protections afforded to clients of Beaumont Cornish or for advising any other person in respect of the matters set out in this announcement or any transaction, matter or arrangement referred to in this announcement. Beaumont Cornish's responsibilities as the Company's Nomad are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his or her decision to acquire any shares in the Company. Furthermore, Beaumont Cornish has not approved or authorised the release of this announcement in whole or in part, directly or indirectly into The United States, Canada, Australia, Japan or The Republic of South Africa or any other jurisdiction in which such release, publication or distribution would be unlawful.