REG - Bezant Resources PLC - £700,000 Drawdown under Funding Facility

Bezant ResourcesAnnouncement

30/06/2022 11:30

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RNS Number : 8402Q  Bezant Resources PLC  30 June 2022

30 June 2022

Bezant Resources Plc

("Bezant" or the "Company")

£700,000 Drawdown under Funding Facility

 

Bezant (AIM: BZT), the copper-gold exploration and development company,
further to its announcement of 23 November 2021 confirms that it has issued
two drawdown notices of £350,000 each ("Tranche 1" and "Tranche 2") for a
total amount of £700,000 (the "Drawdowns") under its £1,000,000 unsecured
convertible loan funding facility with Sanderson Capital Partners Ltd (the
"Lender"), a long-term shareholder in the Company (the "Facility"). The amount
drawdown is repayable in 12 months and convertible by the Lender at the fixed
prices; £350,000, at 0.19 pence per share and £350,000 at 0.225 pence per
share. The Company can use the Facility, at its discretion, to fund the
working capital requirements of the Company and its subsidiaries as determined
by the Company and proposes to use the funds in the first instance to advance
exploration and its mining licence application in Namibia, exploration at its
Kanye Manganese project in Botswana and the general working capital
requirements of the group.

 

 

Colin Bird, Executive Chairman said:

 

"In these very difficult financing times, we are pleased that in November last
year we put the Facility in place.  We are mindful of the excessive inflation
hitting all aspects of industry and we will be looking where we can minimise
expenditure whilst maintaining project progress.  Like our shareholders, we
remain hopeful that the 3(rd) quarter of the year may see more normal
conditions returning to the markets."

 

Under the terms of the Facility the Lender is due;

 

i) a drawdown fee of £14,000 being 2% of the amount drawdown which will be
settled by the issue of 12,522,361 new ordinary shares of £0.00002 each
("Shares") credited as fully paid at 0.1118 pence per share being the five-day
VWAP on 29 June 2022 (the "Drawdown Fee Shares"); and

 

ii) £350,000 of three year warrants over Shares (the "Warrants"). The
exercise price for the Warrants are as follows:

 

·    £175,000 at 0.25 pence per share for the drawdown of Tranche 1; and

·    £175,000 at 0.30 pence per share for the drawdown of Tranche 2.

 

 

Admission to AIM

Application will be made for the 12,522,361 Drawdown Fee Shares, which will
rank pari passu in all respects with the Company's existing Shares, to be
admitted to trading on AIM ("Admission"). The Admission is expected to take
effect on or around 6 July 2022. The Drawdown Fee Shares will represent 0.25%
of the Company's issued share capital as enlarged by the issue of the Drawdown
Fee Shares.

 

Total Voting Rights

On Admission of the Drawdown Fee Shares, the Company will have 5,051,711,613
Shares in issue with voting rights.  Bezant does not currently hold any
shares in treasury.  Accordingly, this figure of 5,051,711,613 Shares may be
used by shareholders in the Company as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company under the
FCA's Disclosure Guidance and Transparency Rules.

 

Further AIM Disclosures

Sanderson Capital Partners Ltd have confirmed that they and associates current
hold 201,980,915 shares in the Company. Following the issue of the 12,522,361
Drawdown Fee Shares, Sanderson will be interested in 214,503,276 Shares
representing 4.25% of the Company's enlarged issued share capital on
Admission.

 

 

 

For further information, please contact:

 Bezant Resources Plc

+44 (0) 20 3416 3695
 Colin Bird

 
 Executive Chairman

 Beaumont Cornish (Nominated Adviser)    +44 (0) 20 7628 3396

Roland Cornish

 Novum Securities Limited (Broker)

 Jon Belliss                             +44 (0) 20 7399 9400

 

 

Beaumont Cornish (Nominated Adviser)

Roland Cornish

 

+44 (0) 20 7628 3396

Novum Securities Limited (Broker)

Jon Belliss

 

 

+44 (0) 20 7399 9400

 

or visit http://www.bezantresources.com (http://www.bezantresources.com)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 

 

 

 

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