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
For further information, please
contact:
|
Bezant Resources Plc
Colin Bird Executive
Chairman
|
|
|
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
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.
