Bezant Resources PLC Funding Facility Extension, Issue of Shares, TVR (7739C)
15 Junho 2023 - 3:00AM
UK Regulatory
TIDMBZT
RNS Number : 7739C
Bezant Resources PLC
15 June 2023
15 June 2023
Bezant Resources Plc
("Bezant" or the "Company")
Funding Facility Repayment Extension, Issue of Shares and
TVR
Bezant (AIM: BZT), the copper-gold exploration and development
company, further to its announcements of 23 November 2021 and 30
June 2022 confirms that it has by an agreement dated 14 June 2023
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 GBP700,000 drawn down under the
unsecured convertible loan funding facility entered into with
Sanderson Capital on 22 November 2021 (the "Facility") (the
"Agreement"). The GBP700,000 drawdown is now repayable by 23
December 2024 and convertible by the Lender at the fixed price of
0.08 pence per share (the "New Conversion Price"). No further
amounts can be drawn down under the Facility.
The Company will as a loan extension fee i) pay the Lender a GBP
70,000 facility extension and documentation fee equivalent to 6.67%
per year which is to be settled by the issue of 87,500,000 new
ordinary shares of 0.002p each ("Shares") at the New Conversion
Price ("Facility Extension Fee Shares"); and ii) issue the Lender
437,500,000 warrants over Shares exercisable at 0.12 pence per
Share (the "Warrant Exercise Price") exercisable for two years from
the date of the Agreement. (the "Facility Extension Fees"). The
Company has an option to convert all or part of the GBP700,000
drawdown if the Company's share price exceeds 0.14 pence for 10 or
more business days.
The New Conversion Price is at a 113% premium to the closing
price of 0.0375 pence per share on 14 June 2023 the last practical
date before the issue of this announcement and a 100% premium to
the placing price in relation to the Company's GBP750,000
fundraising announced on 12 April 2023. The Warrant Exercise Price
is at a 220% premium to the closing price on 14 June 2023.
Colin Bird, Executive Chairman said :
" We are pleased that Sanderson have repriced the convertible
allowing the Company to advance all its technical and financial
activities for the company, particularly the Hope and Gorob
project, which continues to show much more potential than
previously envisaged."
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."
In addition, further to its announcement of 12 February 2021
regarding the granting and registration of EPL 7170 in the name of
the group's 80% owned subsidiary Hope Namibia Mineral Exploration
Pty Ltd Incorporated in Namibia (" Hope Namibia ") which also owns
EPL 6605, the Company announces the issue of 15,763,889 freely
tradable Shares in the capital of the Company (the "Balance
Shares") at the deemed issue price of 0.27p per Balance Share, as
referred to in the 12 February 2021 announcement.
Application to trading on AIM : Application will be made to the
London Stock Exchange for the Facility Extension Fee Shares and the
Balance Shares (the "New Shares") to be admitted to trading on AIM.
It is expected that Admission will become effective and that
dealings in the New Shares will commence at 8.00 a.m. on or around
21 June 2023.
Total Voting Rights : Following the issue of the New Shares the
Company's total issued share capital will consist of 7,637,973,036
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 7,637,973,036
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.
Further AIM Disclosures
Sanderson Capital Partners Ltd have confirmed that they and
associates are interested in 673,969,231 shares in the Company and
after the issue of the Extension Fee Shares will be interested in
761,469,231 Shares representing 9.97% of the Company's enlarged
issued share capital on Admission of the New Shares.
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +27 726 118 724
Beaumont Cornish (Nominated Adviser)
Roland Cornish / Asia Szusciak +44 (0) 20 7628 3396
Novum Securities Limited (Joint Broker)
Jon Belliss +44 (0) 20 7399 9400
Shard Capital Partners LLP (Joint Broker)
Damon Heath +44 (0) 20 7186 9952
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).
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END
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(END) Dow Jones Newswires
June 15, 2023 02:00 ET (06:00 GMT)
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