REG - Bezant Resources PLC - Funding Facility Repayment Extension

Bezant ResourcesAnnouncement

05/03/2024 07:00

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RNS Number : 5302F  Bezant Resources PLC  05 March 2024

5 March 2024

Bezant Resources Plc

("Bezant" or the "Company")

Funding Facility Repayment Extension

 

Bezant (AIM: BZT), the copper-gold exploration and development company,
further to its announcements of 23 November 2021, 30 June 2022 and 15 June
2023 confirms that it has by an agreement dated 4 March 2024 agreed with
Sanderson Capital Partners Limited ("Sanderson Capital" or the "Lender") a
long-term shareholder in the Company to extend the repayment date for the
£700,000 drawn down under the unsecured convertible loan funding facility
entered into with Sanderson Capital on 22 November 2021 (the "Facility") (the
"Agreement"). The £700,000 drawdown is now repayable by 31 July 2025 and
convertible by the Lender at the fixed price of 0.06 pence per share (the "New
Conversion Price").  No further amounts can be drawn down under the Facility.
The Company has an option to convert all or part of the £700,000 drawdown if
the Company's share price exceeds 0.14 pence for 10 or more business days.

 

The New Conversion Price is at a 150% premium to the closing price of 0.024
pence per share on 4 March 2024 the last practical date before the issue of
this announcement and a 140% premium to the placing price of 0.025 pence in
relation to the Company's £800,000 fundraising announced on 4 December 2023.

 

Colin Bird, Executive Chairman said:

"We are pleased that Sanderson have extended the convertible allowing the
Company to continue to advance its technical and financial activities for the
company, particularly the Hope and Gorob project, pending the award of a
mining licence."

 

Tanvier Malik CEO of Sanderson Capital Partners Limited said:

"We have agreed to reprice and extend the terms of our loan on the basis that
we support Bezant's   management's strong conviction on the unreleased value
of the portfolio.  We look forward to management reporting significant
advances within their project base."

 

Further AIM Disclosures

Sanderson Capital Partners Ltd have confirmed that they and associates are
interested in 761,469,231  shares in the Company representing 6.69% of the
Company's issued share capital.

 

 

For further information, please contact:

 Bezant Resources Plc

 Colin Bird                                      +44 (0) 20  3416 3695

 Executive Chairman

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

Roland Cornish / Asia Szusciak

 Novum Securities Limited (Joint Broker)

 Jon Belliss                                     +44 (0) 20 7399 9400

 Shard Capital Partners LLP (Joint Broker)       +44 (0) 20 7186 9952

 Damon Heath

 

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).

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

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