Business
Completion of Acquisition of Kellstown Investments
Completion of Acquisition of Kellstown Investments.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5579H Bezant Resources PLC 08 June 2017 \n\n \n8 June 2017\n \nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nCompletion of Acquisition of Kellstown Investments Corp. \nand Issue of Equity\n \nBezant (AIM: BZT), the AIM quoted mineral exploration and development company, is pleased to announce that, further to its announcement of 31 May 2017, the Company has now completed the acquisition of the entire issued share capital of Kellstown Investments Corp. (\"Kellstown\").\n \nKellstown is a Panamanian special purpose vehicle which, via its wholly owned subsidiary, owns both a processing plant and mobile test plant (the \"Mining and Exploration Equipment\") and certain other mining equipment which will be utilised in mining operations on the Company's FKJ-083 mining licence in Colombia. Kellstown also holds, inter alia, intellectual property rights in relation to the Mining and Exploration Equipment, and certain proprietary geological information and other data and intellectual property rights for use by Exumax S.A.S. (\"Exumax\") in performing its services under the mining services agreement, further details of which were announced on 31 May 2017 (the \"Mining Services Agreement\"). The Mining Services Agreement secured Exumax's management services and expertise for mining and exploration work in respect of the Company's near surface platinum and gold assets located in the Choco Region of Colombia (the \"Choco Gold-Platinum Project\").\n \nIn accordance with the terms of the share purchase agreement between the Company and Exumax's parent company, Verona Investment Group Inc. (\"Verona\"), the Company is issuing 25,000,000 new ordinary shares of 0.2 pence each in the capital of the Company (\"Ordinary Shares\") (the \"Tranche One Consideration Shares\") to Verona. Accordingly, Verona is now interested in 32,201,745 Ordinary Shares representing approximately 9.76 per cent. of the Company's enlarged issued share capital\n \nDeferred consideration comprising a further 15 million new Ordinary Shares will be payable by the Company in due course when the plant being acquired via Kellstown has for 10 consecutive scheduled working days processed 900m3 of material per day. \n \nApplication to trading on AIM\nApplication will be made to the London Stock Exchange for a...