TIDMBZT
RNS Number : 4834V
Bezant Resources PLC
04 December 2023
4 December 2023
Bezant Resources Plc
("Bezant" or the "Company")
GBP800 K Fundraise to advance metallurgical and technical work
in anticipation of the grant of the mining licence
Issue of equity to Directors and consultants in lieu of fees
Total Voting Rights
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce a fundraising of GBP800,000 from
directors, existing shareholders, and investors to facilitate both
its Namibian Hope & Gorob copper gold mining operation and
other projects in the Company portfolio. Bezant has achieved
significant progress with the development of the Hope & Gorob
Project as it advances towards development of a mining operation
upon the grant of a mining licence.
In addition, as detailed below and pursuant to authority granted
at the Company's Annual General Meeting, the Company will be
issuing new Ordinary Shares to Director and PDMRs and consultants
to settle accrued fees due to them.
Fundraising:
The Company has raised GBP800,000 before expenses (the
"Fundraising") at 0.025 pence per Ordinary Share (the "Fundraising
Price") for the issue of 3,200,000,000 new Ordinary Shares (the
"Fundraising Shares") conditional upon admission of the Fundraising
Shares to trading on AIM ("Admission"). The Fundraising comprises a
placing of 3,032,000,00 new Ordinary Shares (the "Placing Shares")
for GBP758,000 at the Fundraising Price (the "Placing"), via Shard
Capital Partners LLP and Novum Securities Ltd, and share
subscriptions for 168,000,000 new Ordinary Shares at the
Fundraising Price to raise GBP42,000 (the "Subscription Shares").
The Fundraising includes GBP15,000 subscribed for by Colin Bird,
Bezant's Executive Chairman for 60,000,000 Subscription Shares and
GBP12,000 by Raju Samtani, Bezant's Finance Director for 48,000,000
Subscription Shares together representing 3.38% 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 an 8,000 tonnes p.a.
open pit and underground copper / gold mining operation in
2024;
b) concluding arrangements for non-equity financing for the mining operation;
c) further engineering design and costing of the proposed
processing flow sheet and associated plant;
d) additional metallurgical studies aimed specifically at
optimizing both ore sorting and flotation of a high-grade Cu - Au
pre-concentrate and the pairing of primary and secondary crushing
with dry ore sorting equipment;
e) geotechnical drilling for both open pit and underground detailed design;
f) negotiations with preferred providers of processing plant
equipment and a renewable power supply and mining and haulage
contracts and;
g) planning drilling to target an increase in the existing 15.2Mt Mineral Resource
ii) on the Kanye manganese project in Botswana a focus on a
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 24.2% 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
wait for the granting of a mining licence will be at the Hope &
Gorob Project. We are encouraged by the outcome of detailed test
work to the extent that we are now able to move towards advanced
design of the processing plant and supporting infrastructure.
Geotechnical studies for both open pit and underground development
together with optimisation of the processing flow sheet and
detailed engineering costing will be undertaken to ensure we are
able to proceed to mine development and production in the shortest
possible timeframe. Further reconnaissance will be undertaken on
the exploration licences at Hope & Gorob aimed at demonstrating
the opportunity to continue to increase the Mineral Resource. Other
projects within the Company's portfolio will also receive attention
to ensure continued progress on all fronts. The granting of the
Hope & Gorob mining licence and conclusion of non-equity
financing for the Project is expected to trigger the rapid
development of the mine. We look forward to updating shareholders
on all of these activities."
Hope & Gorob Project Development:
Ore sorting test work has been completed using a test plant
located at Uis, Namibia. The ore sorting specialist, has completed
test work concluding that " there is a very high probability that
ore sorting can successfully be employed as a pre-concentration
step on the coarse Run of Mine fractions (>10mm)".
Magnetic separation test work on <10mm fines generated during
ore sorting has also been independently assessed. The material was
found to be amenable to magnetic separation and, depending on
magroll settings a Cu upgrade ratio of between 1.5-2.0 times could
be achieved in the non-magnetic fraction. Product Cu grades ranged
between 3.6-5.2% at Cu recoveries of up to 75-80%. This indicated
that a high-grade fines fraction can be produced for initial
processing with a low-grade rejects stream stockpiled for potential
future processing.
Characterisation flotation test work has also been carried out
which concluded, using a two-stage flotation circuit (Rougher -
Cleaner) an upgrade ratio of 6 times can be achieved producing a
final concentrate of 28 - 30% Cu (+ Au). No elevated levels of
deleterious elements could be detected in the final concentrate
product.
Renewable power supply options are being considered ahead of
selection of a contractor for the implementation of an IPP contract
to supply power to the Hope & Gorob mine site and supporting
infrastructure.
Community development initiatives have been advanced with highly
positive discussions with the Topnaar community, the nearest
residents to the Hope & Gorob Project, located approximately
40km from the mine site. Facilitated by the Office of the Regional
Governor, Bezant has received positive feedback from the Community
and the Company has instructed its external Namibian environmental
consultant to discuss proposed community-based projects in more
detail.
Engineering design & costing work has enabled the Company to
move from a conceptual design to a generally agreed flow sheet and
development strategy for the operation.
Negotiations are continuing with specific reference to
acquisition of existing infrastructure expected to significnatly
reduce upfront capital expenditure and reduce lead time to
production by a minimum of 18 months.
Further Details on the Fundraising:
Pursuant to the Fundraising , in aggregate, 3,200,000,000
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 29 per cent. to the closing middle market price of an
Ordinary Share of 0.035 pence on 1 December 2023, being the latest
practicable date prior to this announcement. Each participant in
the Fundraising will also receive one (1) warrant exercisable at
0.06 pence per ordinary share for three years from Admission for
each Fundraising Share issued. The Company is also issuing a
warrant to its brokers to subscribe for a total of 151,600,000 new
Ordinary Shares exercisable at the Fundraising Price for a period
of three years from Admission ("Broker Warrants").
The Fundraising Shares represent, in aggregate, approximately
28.1 per cent. of the Company's enlarged issued share capital as
enlarged by the issue of the New Shares. The Fundraising Shares
will be fully paid and rank pari passu in all respects with the
Company's existing Ordinary Shares.
Director & other PDMR Conversion Shares :
In accordance with the authority granted at its Annual General
Meeting on 28 July 2023, the Company agreed to settle GBP64,222 of
outstanding remuneration due to its directors, and PDMRs (the
"Outstanding Fees") at the Fundraising Price ("Director's
Conversion Price") by the issue of 256,889,280 new ordinary shares
(the "Conversion Shares") (the "Fee Conversion").
As shown in the table below GBP44,222 of the Outstanding Fees is
owed to directors of the Company (or their service companies) and
GBP20,000 is owed to Quantum Capital & Consulting Limited, a
personal service company of Michael Allardice and M Churchouse
Consultancy Limited a personal service company of Martyn Churchouse
who are persons discharging managerial responsibilities on behalf
of the Company.
Person Period Accrued Fee Conversion
Fees (GBP) Shares
July - Nov
Colin Bird 23 25,000 100,000,000
July - Nov
Raju Samtani 23 8,500 34,000,000
August - Nov
Ed Slowey 23 6,000 24,000,000
August - Nov
Dr. Evan Kirby 23 4,722 18,889,280
------------ ---------------
Directors Total 44,222 176,889,280
July - Nov
Michael Allardice 23 15,000 60,000,000
July - Nov
Martyn Churchouse 23 5,000 20,000,000
PDMR Total 20,000 80,000,000
============ ===============
Total Directors
and PDMR 64,222 256,889,280
Consultant Shares
Consultant Shares will comprise 242,000,000 new Ordinary Shares
that will be issued to settle GBP60,500 of fees due to consultants
to be issued at the Fundraising Price.
Related Party Transaction - Fundraising
As Colin Bird and Raju Samtani are directors of the Company
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 and Mr Allardice is a director of a subsidiary
undertaking 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, Dr. Kirby
and Mr Allardice 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 associates and their shareholdings after the issue of the
Fundraising Shares, Conversion Shares and Consultant Shares
Shareholdings
----------------------------------------------------------
Director Position Current Fundraising Conversion Updated % of
No of shares Shares Shares shareholding Enlarged
Share
Capital
--------------- ------------------ -------------- ------------ ------------ -------------- ----------
Colin Bird Chairman 328,125,655 60,000,000 100,000,000 488,125,655 4.29%
Raju Samtani Finance Director 82,611,111 48,000,000 34,000,000 164,611,111 1.45%
Technical
Ed Slowey Director 24,000,000 24,000,000 48,000,000 0.42%
Dr. Evan
Kirby Non Executive 26,368,654 18,889,280 45,257,934 0.40%
Ronnie Siapno Non Executive 1,333,334 1,333,334 0.01%
Application to trading on AIM :
The Fundraising is conditional on Admission. Application will be
made to the London Stock Exchange for the 3,200,000,000 Fundraising
Shares, 256,889,280 Conversion Shares and 242,000,000 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 18 December
2023.
Total Voting Rights after Fundraising : Following the issue of
the New Shares the Company's total issued share capital will
consist of 11,380,918,869 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 11,380,918,869
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.
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
Qualified Person:
The technical information contained in this announcement has
been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of Bezant
Resources plc, with more than 40 years' experience mainly in hard
rock mining.
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 GBP15,000
Issue of conversion shares to settle
accrued fees of GBP25,000
-------------------------------- ---------------------------------------------
c) Price(s) and volume(s) Fundraising Conversion
Shares Shares
No. of Shares 60,000,000 100,000,000
------------ ------------
Price 0.025 pence 0.025 pence
------------ ------------
-------------------------------- ---------------------------------------------
d) Aggregated information Issue of 160,000,000 shares
Aggregated volume
-------------------------------- ---------------------------------------------
e) Date of the transaction 4 December 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 subscription shares for GBP12,000
Issue of conversion shares to settle
accrued fees of GBP8,500
-------------------------------- ---------------------------------------------
c) Price(s) and volume(s) Fundraising Conversion
Shares Shares
No. of Shares 48,000,000 34,000,000
------------ ------------
Price 0.025 pence 0.025 pence
------------ ------------
-------------------------------- ---------------------------------------------
d) Aggregated information Issue of 82,000,000 shares
Aggregated volume
-------------------------------- ---------------------------------------------
e) Date of the transaction 4 December 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 GBP6,000
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 24,000,000
------------
Price 0.025 pence
------------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 24,000,000 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 4 December 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 GBP4,722
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 18,889,280
------------
Price 0.025 pence
------------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 18,889,280 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 4 December 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 GBP15,000
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 60,000,000
------------
Price 0.025 pence
------------
-------------------------------- -------------------------------------
d) Aggregated information Issue of 60,000,000 shares
Aggregated volume
-------------------------------- -------------------------------------
e) Date of the transaction 4 December 2023
-------------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Martyn Churchouse / M Churchouse Consultancy
Limited
-------------------------------- ---------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------
a) Position/status Technical Consultant / Consulting
company of Martyn Churchouse
-------------------------------- ---------------------------------------------
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 GBP5,000
-------------------------------- ---------------------------------------------
c) Price(s) and volume(s) Conversion
Shares
No. of Shares 20,000,000
------------
Price 0.025 pence
------------
-------------------------------- ---------------------------------------------
d) Aggregated information Issue of 20,000,000 shares
Aggregated volume
-------------------------------- ---------------------------------------------
e) Date of the transaction 4 December 2023
-------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ---------------------------------------------
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END
IOEEAPADEDEDFFA
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December 04, 2023 02:00 ET (07:00 GMT)
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