Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBezant Res Regulatory News (BZT)

Share Price Information for Bezant Res (BZT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.021
Bid: 0.02
Ask: 0.022
Change: 0.00 (0.00%)
Spread: 0.002 (10.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 0.021
BZT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

US$500,000 Disposal of Choco Project, Colombia

26 Apr 2018 10:00

RNS Number : 2242M
Bezant Resources PLC
26 April 2018
 

 

26 April 2018

Bezant Resources Plc

("Bezant" or the "Company")

US$500,000 Disposal of Choco Project, Colombia

 

Bezant (AIM: BZT), the AIM quoted mineral exploration and development company, announces that is has entered into a legally binding agreement for the sale of its wholly owned subsidiaries Ulloa Recursos Naturales Naturales S.A.S ("Ulloa"), which holds the Group's wholly owned alluvial platinum and gold licences (FKJ-083 and HCA-082), located in the Choco region of Colombia, and associated processing plant, mobile test plant and other mining equipment located in the licence area (the "Choco Project"), to Auvert Mining Group Limited ("Auvert") (the "Disposal").

 

Further to the Company's announcement of 22 March 2018, the Board has been reviewing the Choco Project, located in Western Colombia, to assess its overall potential contribution to group performance. The Board has held discussions with a number of parties in relation to various strategic options for the Choco Project, including project financing, joint venture and disposal opportunities, concluding that the Disposal to Auvert is in the best interests of shareholders. Bezant will now pursue a strategy foccussed on building value from its copper gold assets comprised of the Mankayan project, Philippines and the Eureka project, Argentina.

 

The total consideration payable by Auvert to the Company in respect of the Disposal is, in aggregate, US$500,000 (approximately £358,600) payable in cash, of which US$450,000 has already been paid and the balance of US$50,000 is held in escrow with the Company's solicitors to be released subject to delivery and satisfactory receipt by Auvert of certain post-completion deliverables.

 

The Company will retain no liabilities in relation to Ullloa and Ulloa has no liabilities to the Company. An estimated $400,000/annum of ongoing cost related to non-mining activities to maintain the Choco project will be saved by the group following the Disposal. The Company has given certain representations and warranties to Auvert in connection with the sale of the shares in Ulloa, including, without limitation, in relation to the capacity of the Company to sell the shares of Ullloa, title to the shares of Ulloa and the licences associated with the Choco Project and the goodstanding of the Company and Ulloa. The losses attributable to Ulloa for the year ended 31 December 2017 are expected to be approximately £1.5m (unaudited).

 

The proceeds of the Disposal will be utilised to progress Bezants' copper-gold strategy and for general working capital purposes. Currently the Company is concluding a series of study reviews and site visits across both the Philipiennes and Argentinian copper-gold projects and will update the market shortly with its findings.

 

 

Laurence Read, CEO of Bezant, commented:

"As previously announced, following a full review of the groups operations the Board believes future value for the Company should be driven from the current portfolio of copper gold assets. The Mankayan project is a highly advanced, major copper asset which has already been subject to an option by an industry major and the Eureka project is in a prospective copper district with historic mining present at surface. The $500,000 disposal of Choco to Auvert, a company specialising in alluvial mining, allows Bezant to focus on a series of assets in two commodities likely to be subject to significant supply shortfalls. We look forward to updating the market in detail on our copper-gold review shortly."

 

 

For further information, please contact:

Bezant Resources Plc

Laurence Read

Chief Executive Officer

 

Strand Hanson Limited (Nomad)

James Harris / Matthew Chandler / James Dance

 

Novum Securities Limited (Broker)

Jon Belliss

 

or visit http://www.bezantresources.com

Tel: +44 (0)20 3289 9923

 

 

 

Tel: +44 (0)20 7409 3494

 

 

Tel: +44 (0)20 7399 9400

 

 

For more information on Auvert Mining Group please visit: auvert.uk

 

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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISGIGDSCUDBGIL
Date   Source Headline
15th Mar 20247:00 amRNSGrant of Options - Directors/PDMRs Shareholdings
14th Mar 20247:00 amRNSUpdate on Hope & Gorob Copper – Gold Project
5th Mar 20247:00 amRNSFunding Facility Repayment Extension
9th Feb 20247:00 amRNSHope & Gorob Copper – Gold Project, Namibia Update
29th Dec 202311:16 amRNSTotal Voting Rights
19th Dec 20239:18 amRNSHolding(s) in Company
4th Dec 20237:00 amRNSPlacing, Issue of Shares, PDMR Shareholdings &TVR
17th Nov 20232:22 pmRNSHolding(s) in Company
10th Nov 20237:00 amRNSIssue of Shares and TVR
27th Oct 20237:00 amRNSHope & Gorob Updated Mineral Resource Estimate
29th Sep 20237:00 amRNSHalf-year Report
6th Sep 20237:00 amRNSUpdate on Projects
28th Jul 20231:17 pmRNSResult of AGM
24th Jul 20232:49 pmRNSKanye Project: Metallurgical Test Work Results
4th Jul 202310:00 amRNSNotice of AGM and 2022 Accounts
30th Jun 20237:00 amRNSFinal Results
15th Jun 20237:00 amRNSFunding Facility Extension, Issue of Shares, TVR
31st May 20232:41 pmRNSTotal Voting Rights
5th May 202311:33 amRNSIssue of Shares and TVR
4th May 20231:07 pmRNSTotal Voting Rights
12th Apr 20237:00 amRNSFund raise, Director fees, joint Broker and TVR
27th Mar 202311:53 amRNSMankayan Project Update
1st Mar 20232:49 pmRNSMankayan Project Update
9th Feb 20232:58 pmRNSMaiden Kanye Drill Programme, update Hope & Gorob
9th Jan 20237:00 amRNSIssue of Equity and TVR
15th Nov 20224:35 pmRNSPrice Monitoring Extension
26th Oct 202212:21 pmRNSMankayan Project Update
18th Oct 20221:56 pmRNSTermination by mutual consent of Cyprus JV
3rd Oct 20223:34 pmRNSStatement re Cyprus Joint Venture with Caerus
30th Sep 20227:00 amRNSInterim Results for Six Months Ended 30 June 2022
14th Sep 20227:00 amRNSUpdate on Kanye Manganese Project in Botswana
31st Aug 202212:01 pmRNSTotal Voting Rights
24th Aug 20227:00 amRNSResult of AGM
11th Aug 20223:37 pmRNSExercise of Warrants, Total Voting Rights
9th Aug 20227:00 amRNSHope and Gorob Project Update
29th Jul 20222:24 pmRNSTotal Voting Rights
29th Jul 202211:00 amRNSNotice of AGM
7th Jul 20221:58 pmRNSExercise of Warrants, Total Voting Rights
30th Jun 20226:09 pmRNSFinal Results and Publication of Annual Report
30th Jun 202211:21 amRNS£700,000 Drawdown under Funding Facility
14th Jun 20227:00 amRNSHope and Gorob Project Shallow Drilling Update
8th Jun 20227:00 amRNSCyprus Joint Venture Drilling Update
30th May 20224:27 pmRNSDirector's Dealing
30th May 202212:34 pmRNSDirector's Dealing
12th May 20223:02 pmRNSExercise of Warrants, Total Voting Rights
3rd May 20227:00 amRNSCyprus Joint Venture Drilling Update
27th Apr 20227:00 amRNSCyprus Joint Venture Update
7th Apr 20229:00 amRNSPrice Monitoring Extension
6th Apr 20227:00 amRNSMaiden Troulli Mineral Resource Estimate
6th Apr 20227:00 amRNSCyprus Joint Venture Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.