Business
Update on acquisition of 30% JV interest in Zambia
Update on acquisition of 30% JV interest in Zambia.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5703E\n Bezant Resources PLC\n 06 November 2020\n \n \n \n \n 6 November 2020\n \n \n \n \n \n Bezant Resources Plc\n \n \n (\"Bezant\" or the \"Company\")\n \n \n Update on acquisition of the 30% Joint-Venture \n \n \n interest in the Kalengwa exploration project, Zambia\n \n \n \n \n \n Bezant (AIM: BZT), the copper-gold exploration and development company, announces, further to its announcement on 27 April 2020, that it has agreed with KPZ International Ltd to revise the payment terms of the US$250,000 due to the existing shareholders of KPZ International Ltd. \n \n \n Revised settlement arrangements;\n Under the terms of the joint-venture agreement dated 24 April 2020 the company was meant to make two payments of US$125,000 each on or before 1 August 2020 and 1 December 2020. The parties have today agreed that instead of making these two cash payments the Company will instead issue new ordinary shares in the Company at an issue price of 0.25p per share being the 3 day VWAP based on the closing share price on 5 November 2020 the date before the agreement and an FX rate of GBP1 = US%$1.30, this will result in the Company issuing 76,923,077 new shares to the shareholders of KPZ International Ltd. The new shares being issued will rank pari passu with the Company's existing shares. \n \n \n \n Colin Bird, Executive Chairman of Bezant, commented\n \n :\n \n \n \"I would like to thank the KPZ shareholders for their confidence in accepting payment in shares which even more closely aligns our mutual interests in relation to the Kalengwa project, we look forward to continuing to work with our partners, and I look forward to updating shareholders in due course on our work on the project. \"\n \n \n \n Application to trading on AIM\n \n : Application will be made to the London Stock Exchange for the 76,923,077 New Ordinary Shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 13 November 2020. \n \n \n \n Issued Share Capital\n \n : Following the issue of the New Ordinary Shares, the Company's total issued share capital will consist of 3,405,261,616 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly th...