22nd Dec 2020 19:34
(Alliance News) - Bezant Resources PLC on Tuesday said it has agreed a deal to acquire manganese mineral explorer Metrock Resources Ltd.
Bezant will acquire Metrock by issuing 150.0 million shares at 0.27 pence to settle GBP405,000 and a further 31.8 million unlisted share options, exercisable at 0.40p up until September 30, 2024. A deferred consideration of GBP225,000 will be payable in new shares subject to an indicated resource at Kanye manganese project.
The company will also issue 84.6 million shares to buy loans of GBP198,213 and settle debts of GBP30,200 owed by Metrock.
London-listed Tiger Royalties & Investments PLC on Tuesday said it will be issued 28.3 million Bezant shares to settle GBP46,250 in loans it has made to Metrock. Tiger will have a 2.4% stake in Bezant as a result.
Bezant Executive Chair Colin Bird said: "Bezant has in the last year been focussing on Southern Africa and has made significant additions to its copper gold portfolio in both Zambia and Namibia. This growing presence in southern Africa gave rise to the opportunity to acquire the Kanye manganese project in Botswana in an area where high grade battery manganese has been discovered which is much sought after for tomorrow's energy storage equation.
"The underlying mineral licences represent exploration rights to a very large area of highly prospective manganese bearing ground. Botswana has an excellent reputation as a host for foreign mining investment and continues to be very supportive of mining initiatives. We are very excited with this opportunity, the project has clear evidence of manganese and immediate drill ready targets which we intend to pursue early in the new year once the acquisition has completed."
Bezant Resources shares closed flat at 0.24p each in London on Tuesday. Tiger shares ended down 14% at 0.30p.
By Eric Cunha; [email protected]
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