Business
Equity fundraising of approximately £700,000 gross
Equity fundraising of approximately £700,000 gross.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7462S Bezant Resources PLC 05 October 2017 \n\n5 October 2017\nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nEquity fundraising of approximately £700,000 gross\n \nBezant (AIM: BZT), the AIM quoted gold and platinum development company, announces that it has raised, in aggregate, £700,000 (approximately US$920,000) before expenses, through a conditional placement, via Beaufort Securities Limited (\"Beaufort Securities\"), of 63,636,360 new ordinary shares of 0.2 pence each in the capital of the Company (the \"Placing Shares\") (the \"Placing\") at a price of 1.1 pence per new ordinary share (the \"Placing Price\"). \n \nHighlights:\n· Issue of 63,636,360 Placing Shares at the Placing Price of 1.1 pence per new ordinary share. \n· Placing provides additional working capital to be applied towards the commencement of production from the higher-grade gravels at the Company's wholly owned Choco Project in Colombia (the \"Choco Project\") following commissioning of the first plant, as announced on 26 June 2017, and recent completion of the open pit and its infrastructure further to the Company's announcement on 19 September 2017.\n \nEdward Nealon, Chairman of Bezant, commented:\n\"Today's fundraising will further support the Company as we now start production from the deeper level gravels containing higher grades of platinum and gold. We have been directing all available funds into the Choco Project operation, and therefore we decided to conduct the Placing to provide the group with additional working capital including for mine and project development as well as the second option exercise payment due in respect of the Choco Project licences covering more than 2,500ha in aggregate. \n \n\"I look forward to announcing the initial results of production from the deeper level gravel within the coming weeks.\"\n \nFurther Details:\n \nThe Placing Price represents a discount of approximately 21 per cent. to the closing mid-market price of 1.40 pence per ordinary share on 4 October 2017 (being the latest practicable business day prior to the date of this announcement).\n \nThe Placing is conditional on admission of the Placing Shares to trading on AIM (\"Admission\"). Following Admission, the Placing Shares will r...