21st Jan 2016 09:18
LONDON (Alliance News) - Bezant Resources PLC on Thursday said it has secured an extension to its option to acquire Leeward Islands Exploration LLC.
Leeward is a special purpose vehicle which has rights to potentially acquire interests in near-surface, alluvial platinum and gold mining and exploration licences in the Choco Department of Colombia.
Announcing the deal in November, Bezant said it will pay an upfront USD50,000 option fee and provide Leeward with a USD350,000 loan facility to cover working capital on the licences. If Bezant exercises the option, it will pay a USD1.0 million cash consideration and another USD1.0 million in shares to acquire the licence interests.
The option has now been extended to January 31, from January 20, as the pair work to complete due diligence.
Shares in Bezant were untraded on Thursday, having last traded at 1.80 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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