REG - Bezant Resources PLC - Funding Facility Repayment Extension

Bezant ResourcesAnnouncement

27/02/2025 07:00

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RNS Number : 6059Y  Bezant Resources PLC  27 February 2025

 

27 February 2025

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, 15 June 2023
and 5 March 2024 confirms that it has by an agreement dated 26 February 2025
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 2026 and convertible by the Lender at the fixed price of 0.025 pence per
share (the "New Conversion Price").  No further amounts can be drawn down
under the Facility.

 

The Company and the Lender have also agreed that:

 

i)          the expiry date of the 437,500,000 warrants exercisable
at 0.12 pence and expiring on 14 June 2025 shall be extended by one year to 14
June 2026;

ii)         the Company has an option to convert all or part of the
£700,000 drawdown if the Company's share price exceeds 0.05 pence for 10 or
more business days and

iii)        the Company may at its sole election prepay the whole or
part of the Loan on any day prior to its maturity date upon giving not less
than 20 days' prior written notice to the Lender ("Prepayment Notice") and
paying the Lender a cash premium equal to X where X =  25%  multiplied by
((the number of days  from date of receipt of the Loan to the repayment date)
divided by 360).  The Company may issue more than one Prepayment Notice. Once
a Prepayment Notice has been given the Lender cannot convert that portion of
the Loan that the Prepayment Notice relates to.

 

The New Conversion Price is at a 13 % premium to the closing price of 0.022
pence per share on 26 February 2025 the last practical date before the issue
of this announcement and a 25% premium to the fundraising price of 0.02 pence
in relation to the Company's £560,000 fundraising announced on 24 December
2024.

 

Further AIM Disclosures

Sanderson Capital Partners Ltd have confirmed that they and associates are
interested in 761,469,231 shares in the Company representing 4.83% of the
Company's current issued share capital.

 

For further information, please contact:

 

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

 

 

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 / Asia Szusciak
 Novum Securities Limited (Joint Broker)

 Jon Belliss                                +44 (0) 20 7399 9400
 Shard Capital Partners LLP (Joint Broker)

 Damon Heath                                +44 (0) 20 7186 9952

Beaumont Cornish (Nominated Adviser)

Roland Cornish / Asia Szusciak

+44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Jon Belliss

 

+44 (0) 20 7399 9400

Shard Capital Partners LLP (Joint Broker)

Damon Heath

 

+44 (0) 20 7186 9952

 

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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