Business
MMIH Reverse Transaction with AsiaPhos Terminated
MMIH Reverse Transaction with AsiaPhos Terminated.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8929U\n Bezant Resources PLC\n 08 April 2021\n \n \n \n \n 8 April 2021\n \n \n \n \n \n Bezant Resources Plc\n \n \n (\"Bezant\" or the \"Company\")\n \n \n MMIH (Singapore) Reverse Transaction with AsiaPhos Terminated \n \n \n \n \n \n Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements on 5 October 2020 , 2 November 2020 and 13 November 2020 announces the termination of the proposed acquisition by AsiaPhos Ltd (\"AsiaPhos\") a company listed on the \n Singapore Exchange Securities Trading Limited (the \"Singapore Stock Exchange\" or \"SGX\")\n Catalist Board, of MMJV Pte. Ltd. (\"MMJV\"), a 100 percent subsidiary of Mining and Minerals Industries Holding Pte. Ltd. (\"MMIH\"), by way of a reverse takeover transaction. \n \n \n AsiaPhos has on 7 April 2021 announced that it has terminated it's conditional sale and purchase agreement (the \"AsiaPhos SPA\") for AsiaPhos to acquire 100% of MMJV. \n \n \n AsiaPhos' rationale for the termination of the AsiaPhos SPA is that MMIH will require additional time to find investors to raise the necessary funds for the fundraising which was due to be undertaken as a condition precedent under the AsiaPhos SPA and that due to the ongoing Covid-19 pandemic and travel restrictions AsiaPhos believes that it will not be possible to complete the AsiaPhos SPA before it's long stop date being on or before 12 November 2021 (or such other date mutually agreed in writing) at the latest or three (3) months from the date on which the proposed whitewash resolution is approved, whichever is earlier.\n \n \n The full text of the announcement dated 7 April 2021, from which this information has been obtained, can be viewed at:\n \n \n \n \n https://links.sgx.com/FileOpen/Asiaphos%20-%20Termination%20Announcement%20Final.ashx?App=Announcement&FileID=656145\n \n \n \n \n \n Full details of the Company's transaction with MMIH (the \"Transaction\") were set out in the Company's announcement of 7 October 2019. Completion of the Transaction was announced on 18 November 2019 with Bezant retaining a residual 20 per cent. interest in the Mankayan project via a 20% shareholding in Asean Copper. Updates on the Transaction were announced on 15 June 2020, 5 October 2020 and 2 November 2020.\n \n \n Bezant has p...