Business
Update on MMIH and Mankayan
Update on MMIH and Mankayan.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3070F\n Bezant Resources PLC\n 13 November 2020\n \n \n \n \n 13 November 2020\n \n \n \n \n \n Bezant Resources Plc\n \n \n (\"Bezant\" or the \"Company\")\n \n \n Update on MMIH (Singapore) Transaction \n \n \n and Mankayan Copper-Gold Project, Philippines \n \n \n \n \n \n Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements on 5 October 2020 and 2 November 2020 announces an update on 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 today announced that on the 12th November 2020 (the \"AsiaPhos SPA Date\") AsiaPhos and MMIH entered into a conditional sale and purchase agreement (the \"AsiaPhos SPA\") for AsiaPhos to acquire 100% of MMJV. \n \n \n Highlights:\n \n \n · \n Under the terms of the AsiaPhos SPA is to acquire MMJV by way of a reverse takeover transaction to be satisfied by the issue of AsiaPhos shares for the lower of i) Singapore $72M (approx. GBP40.5M) or ii) fifty percent (50%) of an independently Agreed Valuation (as defined below). If the Proposed AsiaPhos Acquisition (defined below) is completed then, under the terms of the Transaction between Bezant and MMIH, Bezant is due to be issued \n S$10m (approximately £5.6m) of shares in the listed entity holding MMJV.\n \n \n \n \n \n · \n The AsiaPhos SPA, is subject inter alia to due diligence, various regulatory approvals and various conditions precedent being met or waived within one year of the AsiaPhos SPA Date.\n \n \n \n \n \n · \n The full text of the announcement dated 13 November 2020, from which this information has been obtained, can be viewed at: \n \n \n https://links.sgx.com/FileOpen/Asiaphos%20-%20SPA%20Announcement.ashx?App=Announcement&FileID=639194\n \n \n \n \n \n \n \n \n \n · \n It should be noted that the transaction by AsiaPhos is subject to material conditions and there is no guarantee that it will complete.\n \n \n \n Colin Bird, Executive Chairman of Bezant, commented\n \n :\n \n \n \n \"\...