REG - Bezant Resources PLC - Termination by mutual consent of Cyprus JV

Bezant ResourcesAnnouncement

18/10/2022 14:00

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RNS Number : 2988D  Bezant Resources PLC  18 October 2022

18 October 2022

 

Bezant Resources Plc

("Bezant" or the "Company")

 

 Termination by mutual consent of Cyprus Joint Venture with Caerus Mineral

 

Bezant (AIM: BZT), the copper-gold exploration and development company, notes
that earlier today Caerus Mineral Resources plc ("Caerus") issued an RNS
announcement in relation to its intention to terminate the Joint Venture
Agreement between Caerus and Bezant (the "Joint Venture").

 

Further to the Company's announcement on 3 October 2022 it has had discussions
with Caerus in relation to the Joint Venture. Following these discussions, it
was not possible for the parties to agree on a mutual way forward in relation
to the Joint Venture and it has been mutually agreed to terminate the Joint
Venture.

 

 

Colin Bird commented

"It is always unfortunate when joint venture partners cannot agree on a way
forward but we had various concerns which we could not resolve and therefore
Bezant has agreed to the termination of the Joint Venture Agreement and the
original option agreement with Caerus as being the best course of action to
protect the assets and resources of Bezant."

 

Financial Effect of termination of Joint Venture

 

As indicated in Caerus' announcement they will assume 100% ownership of the
Joint Venture projects. The Bezant interims to 30 June 2022 recognised a
carrying value of GBP228,307 under exploration and evaluation assets in
relation to the Joint Venture and a liability to pay GBP227,549 as Bezant's
share of the Joint Venture expenditure. As a result of the termination of the
Joint Venture Agreement the exploration and evaluation asset will be fully
provided for and the liability to pay GBP227,549 will be eliminated.

 

For further information, please contact:

 Bezant Resources plc

 Colin Bird                                                                 +44 (0)20 3416 3695

 Executive Chairman

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

 Roland Cornish

 Novum Securities Limited (Broker)                                          +44 (0) 20 7399 9400

 Jon Bellis

 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 Regulation
(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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