Last checked at 6 Jan 2022 09:00
6 January 2022
Bezant Resources Plc
("Bezant" or the "Company")
Director's dealing and issue of shares
Bezant (AIM: BZT), the AIM quoted copper-gold exploration and development company, further to its announcement on 9 December 2021 in relation to the General Meeting ("GM") held on Wednesday 29 December 2021 and its announcement on 29 December 2021 that all resolutions at the GM were passed announces that as approved by shareholders at the GM it intends to settle outstanding remuneration is owed to a director of the Company, Colin Bird, amounting to £80,000 and fees of £50,000 owed to Quantum Capital & Consulting Limited, a personal service company of Michael Allardice who is a person discharging managerial responsibilities on behalf of the Company (collectively, the "Accrued Fees") by the issue 100,000,000 ordinary shares of 0.002p each ("Ordinary Shares") (the "Accrued Fee Shares") and 50,000,000 warrants over Ordinary Shares exercisable at 0.25 pence per Ordinary Share valid until 4 November 2024 ("Accrued Fee Warrants") in accordance with the table below:
Person | Period of Accrued Fees | Accrued Fees |
Accrued Fee Shares | Accrued Fee Warrants |
Colin Bird | Aug 19 - Sep 21 | £80,000 | 61,538,462 | 30,769,231 |
Quantum Capital and Consulting Ltd (Michael Allardice) | Dec 19 - June 20 | £50,000 | 38,461,538 | 19,230,769 |
As approved by shareholders at the GM the Accrued Fees are being settled in order to preserve the Company's cash resources and the Accrued Fees be satisfied by the issue of new Ordinary Shares upon the same terms as the Placing announced on 21 October 2021. Accordingly, the Accrued Fees will be satisfied by the issue of Ordinary Shares at a price of 0.13 pence per Ordinary Shares (being the price at which Ordinary Shares were issued at the Placing) and Warrants equivalent to one half of the number of Ordinary Shares to be issued exercisable at a price of 0.25p per Ordinary Shares. The Company's closing share price on 5 January 2022 the last practical date prior to the issue of this announcement was 0.14 pence per Ordinary Share (the "Current Share Price").
In addition, the Company is today issuing a further an additional 14,285,714 new Ordinary Shares (the "Professional Fee Shares") at the Current Share Price to settle professional fees of £20,000.
Director's update shareholding: After the issue of 61,538,462 Accrued Fee Shares Colin Bird will own 153,125,655 Ordinary Shares which will represent 3.05% of the enlarged share capital after the issue of the Accrued Fee Shares and the Professional Fee Shares.
Application to trading on AIM: Application will be made to the London Stock Exchange for the Accrued Fee Shares and Professional Fee Shares, (in total 114,285,714 new Ordinary Shares) which when issued will rank pari passu with the existing Ordinary Shares in issue to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 12 January 2022.
Issued Share Capital: Following the issue of the New Ordinary Shares, the Company's total issued share capital will consist of 5,027,314,252 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.
Total Voting Rights On Admission, the above mentioned figure of 5,027,314,252 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.
For further information, please contact:
Bezant Resources plc Colin Bird Executive Chairman
Beaumont Cornish (Nominated Adviser) Roland Cornish
Novum Securities Limited (Broker) Jon Belliss
or visit http://www.bezantresources.com
|
+44 (0) 20 3416 3695
+44 (0) 20 7628 3396
+44 (0) 20 7399 9400
| |||||||
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
PDMR Notification Forms: The notifications below are made in accordance with the requirements of MAR.
| ||||||||
1. | Details of the person discharging managerial responsibilities / person closely associated |
| ||||||
a) | Name | Colin Bird |
| |||||
2. | Reason for the Notification |
| ||||||
a) | Position/status | Executive Chairman & Director |
| |||||
b) | Initial notification/amendment | Initial notification |
| |||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
| ||||||
a) | Name | Bezant Resources PLC |
| |||||
b) | LEI | 2138008K9GRXDUVYVK15 |
| |||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
| ||||||
a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| |||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT |
| ||||||
b) | Nature of the Transaction | Issue of shares & warrants to settle accrued fees of £80,000 |
| |||||
c) | Price(s) and volume(s) |
Issue of 61,538,462 shares at 0.13 p per share
|
| |||||
d) | Aggregated information Aggregated volume | Issue of 61,538,462 and 30,769,231 warrants |
| |||||
e) | Date of the transaction | 2022/01/06 |
| |||||
f) | Place of the transaction | Outside a trading venue |
| |||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Michael Graham Allardice / Quantum Capital and Consulting Limited | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Group Company Secretary / Consulting company of Michael Graham Allardice | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Bezant Resources PLC | ||||
b) | LEI | 2138008K9GRXDUVYVK15 | ||||
4. | Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each | ||||
Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |||||
b) | Nature of the Transaction | Issue of shares & warrants to settle accrued fees of £50,000 | ||||
c) | Price(s) and volume(s) |
The issue of 38,461,538 shares at 0.13 p per share | ||||
d) | Aggregated information Aggregated volume | Issue of 38,461,538 shares and 19,230,769 warrants | ||||
e) | Date of the transaction | 2022/01/06 | ||||
f) | Place of the transaction | Outside a trading venue | ||||