Business
Placement
Placement.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 8458B Bezant Resources PLC 25 February 2011 \n\n25 February 2011\n \nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nPlacing to raise approximately £4.75 million\n \nBezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines, Argentina and Tanzania, today announces a placing to raise approximately £4.75 million before expenses and provides an update in respect of its Mankayan Project in the Philippines. \n \nHighlights:\n \n· Placing to raise approximately £4.75 million before expenses \n \n· Shares placed with new and existing shareholders at a price of 50p per share\n \n· The net proceeds will be used to fund the option exercise and initial work programme in respect of Bezant's Eureka Project in Argentina\n \n· Preliminary discussions commenced with a number of interested parties in the mining and industrials sectors in respect of a potential disposal of the Mankayan Project\n \nThe Placing\n \nThe Board of Bezant announces that the Company has conditionally placed a total of 9,498,935 new ordinary shares of 0.2p each in the capital of the Company (the \"Placing Shares\") at a placing price of 50 pence per share (the \"Placing\") to raise approximately £4.75 million before expenses. The Placing Shares, conditional upon admission to trading on AIM, have been placed with new and existing investors in the Company by the Company's broker, Singer Capital Markets Limited.\n \nThe Company intends to use the net proceeds from the Placing to fund the option exercise and initial work programme in respect of its Eureka Project in the Jujuy Province of north-west Argentina, with the core details of the Asset Purchase Agreement having been previously set out in the Company's announcement of 7 December 2010. The Eureka Project currently has unaudited unclassified resource estimates, from historic exploration activities, in the order of up to approximately 62 million tonnes grading at approximately 1% copper (620 thousand tonnes of copper) and approximately 52,000 ounces of gold, as credits.\n \nUpdate on Mankayan Project\n&n...