Business
Completion of Due Diligence re Hope Project
Completion of Due Diligence re Hope Project.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 4123T\n Bezant Resources PLC\n 20 July 2020\n \n \n \n \n 20 July 2020\n \n \n Bezant Resources Plc\n \n \n (\"Bezant\" or the \"Company\") \n \n \n Completion of Due diligence re \n \n \n Hope Copper-Gold Project\n \n \n \n \n \n Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements on 19 June 2020 and 15 July 2020 in relation to the proposed acquisition of 100% of Virgo Resources Ltd (\"Virgo\") and its interest in the Hope copper gold project in Namibia is pleased to announce it has completed its due diligence and the parties are now proceeding to the administrative process of completing the Acquisition by arranging the execution by the Company and Virgo's shareholders of the completion documentation which is in agreed form (the \"Agreed Form Completion Documentation\"). \n \n \n \n \n \n As announced on 19 June 2020, the \n acquisition of 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia\n \n is subject to the certain conditions precedent. The current status of the conditions precedent is summarized below:\n \n \n i) Bezant has completed its due diligence to its satisfaction during the Due Diligence Period;\n \n \n ii) Bezant has all the consents and approvals it required to complete the Acquisition save for the procedural consent required from AIM for Admission to trading of the Bezant Shares to be issued at Completion;\n \n \n iii) Virgo does not need any regulatory approvals to complete the Acquisition; and\n \n \n iv) Execution at Completion of the Agreed Form Completion Documentation by Virgo's shareholders will affect the transfer of their Virgo shares, Virgo unlisted options and Virgo deferred consideration performance shares to the Bezant group.\n \n \n \n \n Colin Bird, Executive Chairman of Bezant, commented\n \n : \n \n \n \"The completion of our corporate and technical due diligence on the acquisition of Virgo and its +70% interest in the Hope Gold Copper project is an important milestone for Bezant. We now look forward to completing the administrative process of the parties completing the execution of the Agreed Form Completion Documentation. The Acquisition is on very favourable terms, of a major copper-gold project in an excellent jur...