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Bezant conditionally acquires Metrock Resources for at least £405,000
StockMarketWire.com
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Copper-gold exploration and development company Bezant said it had conditionally acquired Metrock Resources and its manganese mineral exploration licences in Southern Botswana comprising the Kanye Manganese project for at least £405,000.
Under the terms of the deal, Bezant would acquire Metrock by issuing 150 million new shares to settle £405,000 and issuing 31.8 million unlisted options, exercisable at 0.40 pence per share up to 30 September 2024.
The company also agreed to pay a deferred consideration of £225,000 to Metrock also to be settled in new shares should an indicated resource be delineated and settle Metrock's creditors of £45,100 and acquired loans of £198,213 by issuing a further 84,597,407 new shares and paying approximately £14,900 in cash.
The new shares to be issued on completion of the acquisition represent approximately 6.26% of the enlarged share capital, the company said.
Trenching results had yielded in the case on one prospect of between 53% and 74% manganese oxide, the company said.
The long stop date for the completion of the conditions precedents was 15 March 2021.
The transaction required all consents and approvals including Botswana Ministerial consent and the performance of all necessary formalities to give the transfer full legal effect, the company said.
At 9:34am: (LON:BZT) Bezant Resources PLC share price was 0p at 0.38p
Story provided by StockMarketWire.com
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