Bezant shares surge on Mankayan transaction progress
Copper-gold exploration and development company Bezant Resources updated the market on its transaction with Mining and Minerals Industries on Monday, over the disposal of 80% of its interest in the Mankayan copper-gold project in the Philippines.
The AIM-traded firm said a non-binding term sheet, subject to due diligence, had been signed by Singapore-listed AsiaPhos, to acquire Mining and Minerals Industries subsidiary MMJV.
It said the acquisition would take place through a reverse takeover, by the issue of AsiaPhos shares for the lower of either SGD 72m (£42m), or 50% of an independently-agreed valuation.
If the proposed AsiaPhos acquisition is completed then, under the terms of the transaction between Bezant and Mining and Minerals Industries, Bezant would be issued SGD 10m of shares in the listed entity holding MMJV.
Bezant also confirmed the extension of the exploration period under the mineral production sharing agreement to the expiry of the agreement on 11 November 2021, and a reduction in expenditure commitments.
“We are pleased that the exploration period under the mineral production sharing agreement has been extended to its expiry on 11 November 2021, and that the expenditure requirements have been reduced,” said executive chairman Colin Bird.
“We are also pleased that MMIH are progressing with a proposed listing on a recognised stock exchange, the SGX being a suitable venue for the listing of an Asian asset.
“The board will provide further updates to shareholders as and when appropriate.”
At 1318 BST, shares in Bezant Resources were up 44.76% at 0.21p.