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Provider: Reuters Investment Profile
$20.00
Provider: GlobalData
$125.00

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Bezant Resources PLC Announces Proposed Extension Of Option For Disposal of Asean Copper Investments Limited


Monday, 10 Dec 2012 02:00am EST 

Bezant Resources PLC announced that it has entered into an option extension agreement to extend by twelve months the period in which the option granted to Gold Fields Netherlands Services BV on October 4, 2011 can be exercised. Gold Fields has also entered into a Subscription Agreement with the Company whereby it has agreed to subscribe for 17,945,922 new ordinary shares of 0.2p each in the capital of the Company for an aggregate subscription amount of USD7.5 million (approximately GBP4.7 million). Both the Option Extension Agreement and the Subscription Agreement are conditional on Bezant shareholders' approval. The Company entered into a conditional Option Agreement with Gold Fields on October 4, 2011, pursuant to which Gold Fields was granted an Option to acquire the entire issued share capital of Asean, a wholly owned subsidiary of Bezant. Asean holds the Group's entire interest in its flagship copper/gold Mankayan Project which as at June 30, 2012 had an audited carrying value of approximately GBP7.68 million. The Option Agreement was conditional on Shareholder approval, which was provided by Pursuant to the terms of the Option Agreement, the Option is exercisable by Gold Fields at any time up to and including January 31, 2013. 

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29 Aug 2014