Last checked at 5 Mar 2024 07:00
5 March 2024
Bezant Resources Plc
("Bezant" or the "Company")
Funding Facility Repayment Extension
Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements of 23 November 2021, 30 June 2022 and 15 June 2023 confirms that it has by an agreement dated 4 March 2024 agreed with Sanderson Capital Partners Limited ("Sanderson Capital" or the "Lender") a long-term shareholder in the Company to extend the repayment date for the £700,000 drawn down under the unsecured convertible loan funding facility entered into with Sanderson Capital on 22 November 2021 (the "Facility") (the "Agreement"). The £700,000 drawdown is now repayable by 31 July 2025 and convertible by the Lender at the fixed price of 0.06 pence per share (the "New Conversion Price"). No further amounts can be drawn down under the Facility. The Company has an option to convert all or part of the £700,000 drawdown if the Company's share price exceeds 0.14 pence for 10 or more business days.
The New Conversion Price is at a 150% premium to the closing price of 0.024 pence per share on 4 March 2024 the last practical date before the issue of this announcement and a 140% premium to the placing price of 0.025 pence in relation to the Company's £800,000 fundraising announced on 4 December 2023.
Colin Bird, Executive Chairman said:
"We are pleased that Sanderson have extended the convertible allowing the Company to continue to advance its technical and financial activities for the company, particularly the Hope and Gorob project, pending the award of a mining licence."
Tanvier Malik CEO of Sanderson Capital Partners Limited said:
"We have agreed to reprice and extend the terms of our loan on the basis that we support Bezant's management's strong conviction on the unreleased value of the portfolio. We look forward to management reporting significant advances within their project base."
Further AIM Disclosures
Sanderson Capital Partners Ltd have confirmed that they and associates are interested in 761,469,231 shares in the Company representing 6.69% of the Company's issued share capital.
For further information, please contact:
Bezant Resources Plc Colin Bird Executive Chairman
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+44 (0) 20 3416 3695
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Beaumont Cornish Limited (Nominated Adviser) Roland Cornish / Asia Szusciak
| +44 (0) 20 7628 3396 |
Novum Securities Limited (Joint Broker) Jon Belliss
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+44 (0) 20 7399 9400
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Shard Capital Partners LLP (Joint Broker) Damon Heath
| +44 (0) 20 7186 9952
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or visit http://www.bezantresources.com
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 pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.