TIDMBZT
RNS Number : 8817V
Bezant Resources PLC
12 April 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH
IT WOULD BE UNLAWFUL TO DO SO.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN
OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON
SHARES OF BEZANT RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY
SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK MAR"). MARKET SOUNDINGS, AS DEFINED IN
MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS
PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
12 April. 2023
Bezant Resources Plc
("Bezant" or the "Company")
GBP 750K Fundraise including directors to
facilitate copper gold mining operation,
Issue of equity to Directors in lieu of fees at a
premium to placing & appointment of joint broker
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce a fundraising of GBP750,000 from
directors, existing shareholders and investors to facilitate copper
gold mining operation, the issue of shares to Directors and PDMR at
a premium to the share price to settle GBP174,961 of accrued fees
("Conversion Shares") and the settling of GBP101,250 of consultancy
fees by the issue of shares to consultants ("Consultant Shares") to
conserve the Company's working capital,
Fundraising: The Company has raised GBP750,000 before expenses
(the "Fundraising") at 0.04 pence per Ordinary Share (the
"Fundraising Price") for the issue of 1,875,000,000 new Ordinary
Shares (the "Fundraising Shares") conditional upon admission of the
Fundraising Shares to trading on AIM ("Admission"). The Fundraising
comprises a placing of 1,375,000,000 new Ordinary Shares (the
"Placing Shares") for GBP550,000 at the Fundraising Price (the
"Placing"), via Shard Capital Partners LLP, and share subscriptions
for 500,000,000 new Ordinary Shares at the Fundraising Price to
raise GBP200,000 (the "Share Subscriptions"). The Fundraising
includes GBP25,000 by Colin Bird, Bezant's Executive Chairman for
62,500,000 Fundraising Shares and GBP15,000 by Raju Samtani,
Bezant's Finance Director for 37,500,000 Fundraising Shares
together representing 5.33 per cent. of the total Fundraising
amount.
Use of Proceeds: The net proceeds from the Fundraising are
planned to be used in relation to the following project
activities;
i) on the Hope Copper-Gold project in Namibia whilst we await
the issue of a mining licence
a) technical and other studies targeting a 8,000 tonnes p.a.
open pit copper / gold mining operation in 2024 & obtaining
non-equity financing for the mining operation;
b) a reconnaissance drilling programme to prove the concept on a
large new target 56 km from the Hope project identified by the
Company's airborne survey and prior exploration to establish the
target's potential for an independent operation; and
c) planning drilling to target an increase in the existing 10Mt Mineral Resource
ii) on the Kanye manganese project in Botswana with the main
focus on metallurgical test work, preliminary in-house Mineral
Resource estimation and to plan for follow-up drilling;
iii) on the Mankayan Copper-Gold project in the Philippines to
support the Company's 26.26% interest in the project;
iv) on the Eureka project in Argentina to maintain licence
holding costs and to continue dialogue with third parties
interested in acquiring or earning into the project
and also on corporate overheads and to provide working capital
for the Group.
Colin Bird, Executive Chairman of Bezant, commented :
"The focus for the use of the Fundraising proceeds, whilst we
await the issue of a mining licence at the Hope and Gorob project,
are i) technical studies and negotiations with contractors, and the
obtaining of non-equity financing with a view to commencing
operation in 2024 at a 8,000 tonnes p.a. copper/ gold mine and ii)
to undertake reconnaissance exploration at a separate clearly
defined anomaly identified by the Company's airborne survey and
previous exploration to establish its potential as an independent
operation. At the Kayne manganese project in Botswana the focus
will be metallurgical test work and in-house Mineral Resource
estimation and planning follow up drilling. We look forward to
updating shareholders on these activities."
Director & other PDMR Conversion Shares : The Company has
agreed to settle GBP174,960 of outstanding remuneration due to its
directors, another PDMR and their related parties (the "Outstanding
Fees") at 0.08 pence per new ordinary shares ("Director's
Conversion Price") _to conserve the Company's cash by the issue of
218,700,942 new ordinary shares (the "Conversion Shares") (the "Fee
Conversion). The Director's Conversion Price represents a premium
of 19 per cent. to the closing middle market price of an Ordinary
Share of .0675 pence on 11 April 2023, being the latest practicable
date prior to this announcement. As shown in the table below
GBP128,406 of the Outstanding Fees is owed to directors of the
Company (or their service companies) and related parties and GBP
46,554 is 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.
Person Period of Outstanding Accrued Fees Conversion
Fees ( GBP) Shares
------------------- ----------------------- ------------------------------ ----------------
March 22 - March
Colin Bird 23 71,500 89,375,000
March 22 - March
Raju Samtani 23 26,000 32,499,967
Ed Slowey May 22 - March 23 16,500 20,625,000
Dr. Evan Kirby May 22 - March 23 14,406 18,008,075
------------------------------ ----------------
Directors Total 128,406 160,508,042
March 22 - March
Michael Allardice 23 46,554 58,192,900
------------------------------ ----------------
Other PDMRs Total 46,554 58,192,900
Total Directors
and PDMR 174,960 218,700,942
------------------------------ ----------------
Consultant Shares: Consultant Shares will comprise 246,808,068
new Ordinary Shares will be issued to settle GBP101,250 of fees due
to consultants. Of the Consultant Shares to be issued 238,125,000
new Ordinary shares will be issued at the Fundraising Price to
settle GBP95,250 of fees and 8,683,068 new Ordinary shares will be
issued at 0.691 pence per share, which is the 3 month VWAP of the
Bezant share price for the three months to 9 March 2023, to settle
consultancy fees of GBP6,000 due in relation to the three months to
9 March 2023.
Joint Broker: The Company is pleased to announce the appointment
of Shard Capital Partners LLP as a joint broker with immediate
effect.
Further Details on the Fundraising: Pursuant to the Fundraising
, in aggregate, 1,875,000,000 Fundraising Shares will be issued at
the Fundraising Price to certain Directors, existing shareholders
and new investors conditional upon Admission. The Fundraising Price
represents a discount of 41 per cent. to the closing middle market
price of an Ordinary Share of 0.0675 pence on 11 April 2023, being
the latest practicable date prior to this announcement. The Company
is also issuing a warrant to Shard to subscribe for 69,375,000 new
Ordinary Shares exercisable at the Fundraising Price for a period
of two years from Admission ("Broker Warrants").
The Fundraising Shares represent, in aggregate, approximately
25.2 per cent. of the Company's enlarged issued share capital (as
enlarged by the issue of the Fundraising Shares and the Fee
Conversion Shares). The Fundraising Shares will be fully paid and
rank pari passu in all respects with the Company's existing
Ordinary Shares.
Related Party Transaction - Fundraising as Colin Bird and Raju
Samtani are directors of the Company and in light of the size of
their participation in the Fundraising is being treated as a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. Accordingly, the independent directors, being Ronnie
Siapno, Dr. Evan Kirby and Ed Slowey, having consulted with the
Company's Nominated Adviser, Beaumont Cornish Limited, consider
Colin Bird and Raju Samtani's participation in the Fundraising to
be fair and reasonable insofar as the Company's shareholders are
concerned.
Related Party Transaction - Conversion Shares As Messrs. Bird,
Samtani, and Slowey and Dr. Kirby are directors of the Company the
issue of Fee Conversion Shares to them is being treated as a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. Accordingly, the independent director, being Mr. Ronnie
Siapno, having consulted with the Company's Nominated Adviser,
Beaumont Cornish Limited, consider the issue of Conversion Shares
to Messrs. Bird, Samtani, and Slowey and Dr. Kirby to be fair and
reasonable insofar as the Company's shareholders are concerned.
Director's update shareholdings: The table below shows the
current shareholdings of Directors and their related parties and
their shareholdings after the issue of the Fundraising Shares,
Conversion Shares and Consultant Shares
Shareholdings
-------------------------------------------------------
Director & Position Current Fundraising Conversion Updated % @ Admission
Shares Shares shareholding
----------------------- ------------ ------------ ----------- -------------- --------------
Colin Bird: Chairman 168,125,655 62,500,000 89,375,000 320,000,655 4.31%
Raju Samtani: Finance
Director 48,611,111 37,500,000 32,499,967 118,611,078 1.60%
Ed Slowey: Technical
Director _ _ 20,625,000 20,625,000 0.28%
Dr. Evan Kirby: Non
Executive 7,479,374 _ 18,008,075 25,487,449 0.34%
Ronnie Siapno: Non
Executive 1,333,334 _ _ 1,333,334 0.02%
Application to trading on AIM : The Fundraising is conditional
on Admission. Application will be made to the London Stock Exchange
for the 1,875,000,000 Fundraising Shares, 218,700,942 Conversion
Shares and 246,808,068 Consultant Shares (the "New Shares") to be
admitted to trading on AIM. It is expected that Admission will
become effective and that dealings in the Placing Shares will
commence at 8.00 a.m. on 26 April 2023.
Total Voting Rights after Fundraising : Following the issue of
the New Shares the Company's total issued share capital will
consist of 7,429,834,147 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 7,429,834,147
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
On 6 April 2023 Sanderson Capital Partners Ltd were interested
in 236,469,231 Shares. Sanderson Capital Partners Ltd are investing
GBP175,000 in the Fundraising and after the issue of the New Shares
will be interested in 673,969,231 Shares representing 9.07% 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 +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
Disclaimer
Beaumont Cornish Limited ("Beaumont Cornish"), which is
authorised and regulated in the United Kingdom by the FCA, is
acting as Nominated Adviser ("Nomad") to the Company in connection
with the matters contained in this announcement, and will not be
acting for any other person or otherwise be responsible to any
person for providing the protections afforded to clients of
Beaumont Cornish or for advising any other person in respect of the
matters set out in this announcement or any transaction, matter or
arrangement referred to in this announcement. Beaumont Cornish's
responsibilities as the Company's Nomad are owed solely to London
Stock Exchange and are not owed to the Company or to any Director
or to any other person in respect of his or her decision to acquire
any shares in the Company. Furthermore, Beaumont Cornish has not
approved or authorised the release of this announcement in whole or
in part, directly or indirectly into The United States, Canada,
Australia, Japan or The Republic of South Africa or any other
jurisdiction in which such release, publication or distribution
would be unlawful.
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 ordinary shares of 0.002 pence each
instrument, type of instrument
-------------------------------- ---------------------------------------------
Identification code ISIN: GB00B1CKQD97
TIDM: AIM:BZT
-------------------------------- ---------------------------------------------
b) Nature of the Transaction Issue of subscription shares for GBP25,000
Issue of conversion shares to settle
accrued fees of GBP71,500
-------------------------------- ---------------------------------------------
c) Price(s) and volume(s) Subscription Conversion
Shares Shares
No. of Shares 62,500,000 89,375,000
------------- -----------
Price 0.04 pence 0.08 pence
------------- -----------
-------------------------------- ---------------------------------------------
d) Aggregated information Issue of 151,875,000 shares
Aggregated volume
-------------------------------- ---------------------------------------------
e) Date of the transaction 11 April 2023
-------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ---------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Raju Samtani
-------------------------------- -----------------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------------
a) Position/status Finance 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 ordinary shares of 0.002 pence each
instrument, type of instrument
-------------------------------- -----------------------------------------------
Identification code ISIN: GB00B1CKQD97
TIDM: AIM:BZT
-------------------------------- -----------------------------------------------
b) Nature of the Transaction Issue of placing shares for GBP15,000
Issue of conversion shares to settle
accrued fees of GBP26,000
-------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Placing Shares Conversion
Shares
No. of Shares 37,500,000 32,499,967
--------------- -----------
Price 0.04 pence 0.08 pence
--------------- -----------
-------------------------------- -----------------------------------------------
d) Aggregated information Issue of 69,999,967 shares
Aggregated volume
-------------------------------- -----------------------------------------------
e) Date of the transaction 11 April 2023
-------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Edward Slowey
-------------------------------- -------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Technical 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 ordinary shares of 0.002 pence each
instrument, type of instrument
-------------------------------- -------------------------------------
Identification code ISIN: GB00B1CKQD97
TIDM: AIM:BZT
-------------------------------- -------------------------------------
b) Nature of the Transaction Issue of conversion shares to settle
accrued fees of GBP16,500
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 20,625,000
-----------
Price 0.08 pence
-----------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 20,625,000 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 11 April 2023
-------------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Dr. Evan Kirby
-------------------------------- -------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Non-Executive 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 ordinary shares of 0.002 pence each
instrument, type of instrument
-------------------------------- -------------------------------------
Identification code ISIN: GB00B1CKQD97
TIDM: AIM:BZT
-------------------------------- -------------------------------------
b) Nature of the Transaction Issue of conversion shares to settle
accrued fees of GBP14,406
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 18,008,075
-----------
Price 0.08 pence
-----------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 18,008,075 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 11 April 2023
-------------------------------- -------------------------------------
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 ordinary shares of 0.002 pence each
instrument, type of instrument
-------------------------------- -------------------------------------
Identification code ISIN: GB00B1CKQD97
TIDM: AIM:BZT
-------------------------------- -------------------------------------
b) Nature of the Transaction Issue of conversion shares to settle
accrued fees of GBP46,554
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 58,192,900
-----------
Price 0.08 pence
-----------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 58,192,900 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 11 April 2023
-------------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------
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END
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