Business
Funding Facility Extension, Issue of Shares, TVR
Funding Facility Extension, Issue of Shares, TVR.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n\n15 June 2023\nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\nFunding Facility Repayment Extension, Issue of Shares and TVR\n \nBezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements of 23 November 2021 and 30 June 2022 confirms that it has by an agreement dated 14 June 2023 agreed with Sanderson Capital Partners Limited (\"Sanderson Capital\" or the \"Lender\") a long-term shareholder in the Company to extend the repayment date for the £700,000 drawn down under the unsecured convertible loan funding facility entered into with Sanderson Capital on 22 November 2021 (the \"Facility\") (the \"Agreement\"). The £700,000 drawdown is now repayable by 23 December 2024 and convertible by the Lender at the fixed price of 0.08 pence per share (the \"New Conversion Price\"). No further amounts can be drawn down under the Facility.\n \nThe Company will as a loan extension fee i) pay the Lender a £70,000 facility extension and documentation fee equivalent to 6.67% per year which is to be settled by the issue of 87,500,000 new ordinary shares of 0.002p each (\"Shares\") at the New Conversion Price (\"Facility Extension Fee Shares\"); and ii) issue the Lender 437,500,000 warrants over Shares exercisable at 0.12 pence per Share (the \"Warrant Exercise Price\") exercisable for two years from the date of the Agreement. (the \"Facility Extension Fees\"). The Company has an option to convert all or part of the £700,000 drawdown if the Company's share price exceeds 0.14 pence for 10 or more business days.\n \nThe New Conversion Price is at a 113% premium to the closing price of 0.0375 pence per share on 14 June 2023 the last practical date before the issue of this announcement and a 100% premium to the placing price in relation to the Company's £750,000 fundraising announced on 12 April 2023. The Warrant Exercise Price is at a 220% premium to the closing price on 14 June 2023.\n \nColin Bird, Executive Chairman said:\n\"We are pleased that Sanderson have repriced the convertible allowing the Company to advance all its technical and financial activities for the company, particularly the Hope and Gorob project, which continues to show much more potential than previously envisaged.\" \n \nTanvier Malik CEO of Sanderson Capital Partners Limited ...