Business
Acquisition
Acquisition.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n RNS Number : 4698X Bezant Resources PLC 07 December 2010 \n \n\n7 December 2010\n \nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nAcquisition of up to 100 per cent. of a package of highly prospective copper and gold exploration licences in the Jujuy Province, Argentina\n \nHighlights:\n \n· Asset Purchase Agreement (the \"APA\") entered into by Bezant under which it has been assigned the exclusive rights and obligations in respect of an Exploration Agreement with an Option to Purchase and Side Letter (together the \"Option Agreement\") to enable it to acquire up to 100 per cent. of a new company to be incorporated in Argentina (\"Newco\") which will wholly own 11 exploration licences located in the Jujuy Province of north-west Argentina (the \"Eureka Project\").\n· The APA requires Bezant to immediately issue an initial four million new ordinary shares and pay a cash consideration of US$200,000, followed by a further tranche of four million new ordinary shares to be issued by no later than 30 April 2011.\n· The Option Agreement covers a two year period, whereby in return for certain outstanding staggered cash payments of up to US$3.9 million to 30 December 2012, Bezant will acquire up to 100% of the Eureka Project.\n· Bezant will be the sole operator and will have total discretion over all exploration expenditure on the Eureka Project. \n· The Eureka Project comprises a package of 11 highly prospective copper and gold exploration licences, covering, in aggregate, an area in excess of approximately 5,500 hectares. \n \nBezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Tanzania, announces that it has yesterday signed and completed an APA with Winetime Holdings Limited (\"Winetime\"). Under the terms of the APA, Bezant has been assigned all of the contractual rights and obligations of Winetime in the Eureka Project including all the exclusive rights and obligations in respect of the Option Agreement thereby enabling Bezant to acquire up to 100 per cent. of Newco, which is being incorporated by Mr Antonio Giulianotti under the terms of the Option Agreement. On incorporation of Newco, the interest in certain existing Argentinian exploration licences,...