Fundraising, Directors' holdings, Fee shares, TVR
£560,000 fundraising at 0.02p per share plus fee settlement shares to directors and consultants.
- Fundraising amount £560,000
- Fundraising price 0.02 pence per share
- Fundraising shares issued 2,800,000,000
- Director and PDMR fees settled £123,216
- Consultant fees settled £71,400
- Fundraising shares as % of enlarged capital 17.2%
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Total Voting Rights
Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce a fundraising of £560,000 from directors, existing shareholders, and investors at 0.02 pence per Ordinary Share ( The "Fundraising Price") for pre-development expenditure on its Namibian Hope & Gorob copper gold mining operation and for general working capital requirements.
In addition, as detailed below and to assist the Company in conserving cash the Company will be issuing new Ordinary Shares to Directors and PDMRs to settle accrued fees due to them ("Conversion Shares") and consultants to settle accrued fees due to them ("Consultant Shares") both instances at 0.03 pence per Ordinary Share (the "Accrued Fees Conversion Price") without any warrants. The Accrued Fees Conversion Price is a 50% premium to the Fundraising Price and a 25% premium to the closing middle market price of an Ordinary Share of 0.024 pence on 23 December 2024, being the latest practicable date prior to this announcement..
Fundraising:
The Company has raised £560,000 before expenses (the "Fundraising") at the Fundraising Price or the issue of 2,800,000,000 new Ordinary Shares (the "Fundraising Shares") conditional upon admission of the Fundraising Shares to trading on AIM ("Admission"). The Fundraising comprises a placing of 2,100,000,000 new Ordinary Shares (the "Placing Shares") for £420,000 at the Fundraising Price (the "Placing"), via Shard Capital Partners LLP and share subscriptions for 700,000,000 new Ordinary Shares at the Fundraising Price to raise £140,000 (the "Subscription Shares"). The Fundraising includes £20,000 subscribed for by Colin Bird, Bezant's Executive Chairman for 100,000,000 Placing Shares and £10,000 by Raju Samtani, Bezant's Finance Director for 50,000,000 Subscription Shares together representing 5.36% per cent. of the total Fundraising amount.
Use of Proceeds: The net proceeds from the Fundraising are planned to be used in relation to pre-development expenditure on its Namibian Hope & Gorob copper gold mining operation and also on corporate overheads and to provide working capital for the Group.
Pursuant to the Fundraising, in aggregate, 2,800,000,000 Fundraising Shares will be issued at the Fundraising Price to certain Directors, existing shareholders and new investors conditional upon Admission. The Fundraising Price represents a discount of 17 per cent. to the closing middle market price of an Ordinary Share of 0.024 pence on 23 December 2024, being the latest practicable date prior to this announcement. Each participant in the Fundraising will also receive one (1) warrant exercisable at 0.04 pence per ordinary share for three years from Admission for each Fundraising Share issued. The Company is also issuing a warrant to Shard Capital Partners LLP to subscribe for a total of 105,00,000 new Ordinary Shares exercisable at the Fundraising Price for a period of three years from Admission ("Broker Warrants").
The Fundraising Shares represent, in aggregate, approximately 17.2 per cent. of the Company's enlarged issued share capital as enlarged by the issue of the Conversion Shares. The Fundraising Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.
Director & other PDMR Conversion Shares:
In accordance with the authority granted at its Annual General Meeting on 31 July 2024, the Company was authorised to settle accrued fees at the fundraising price if done within 30 days of a fundraise notwithstanding this the Board have determined that the Company settle £123,216 of outstanding remuneration due to its directors, and PDMRs (the "Outstanding Fees") at the Accrued Fees Conversion Price ("Director's Conversion Price") by the issue of 410,719,998 new ordinary shares (the "Conversion Shares") (the "Fee Conversion").
As shown in the table below £86,966 of the Outstanding Fees are owed to directors of the Company (or their service companies) and £36,250 is owed to Quantum Capital & Consulting Limited, a personal service company of Michael Allardice and M Churchouse Consultancy Limited a personal service company of Martyn Churchouse who are persons discharging managerial responsibilities on behalf of the Company.
Consultant Shares
In accordance with the authority granted at its Annual General Meeting on 31 July 2024, the Company was authorised to settle accrued fees at the fundraising price if done within 30 days of a fundraise notwithstanding this the Board have agreed that the Consultant Shares will comprise 237,999,999 new Ordinary Shares that will be issued to settle £71,400 of fees due to consultants to be issued at the Accrued Fees Conversion Price.
Related Party Transaction - Fundraising
Related Party Transaction - Conversion Shares
Related Party Transaction - Consultant Shares
The issue of 35,000,000 Consultant Shares to Lion Mining Finance a company controlled by Colin Bird to settle accrued fees of £10,500 for the period June to December 2024 and the issue of 35,000,000 Consultant Shares to Colin Bird's wife Sylvia Vrska to settle accrued fees of £10,500 for the period April 2023 to December 2024 are related party transaction under Rule 13 of the AIM Rules for Companies. The Directors ,other than Colin Bird by reason of his interest in these transactions, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, consider the issue of Consultant Shares to Lion Mining Finance' Ltd and Sylvia Vrska to be fair and reasonable insofar as the Company's shareholders are concerned.
Director's update shareholdings:
Application to trading on AIM:
The Fundraising is conditional on Admission. Application will be made to the London Stock Exchange for the 2,800,000,000 Fundraising Shares, 410,719,999 Conversion Shares and 237,999,999 Consultant Shares (the "New Shares") to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 3 January 2024.
Total Voting Rights after Fundraising: Following the issue of the New Shares the Company's total issued share capital will consist of 15,752,779,679 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
On Admission, the abovementioned figure of 15,752,779,679 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
| a) | Name | Colin Bird |
| 2. | Reason for the Notification | |
| a) | Position/status | Executive Chairman & Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of placing shares for £20,000 Issue of conversion shares to settle accrued fees of £50,400 |
| c) | Price(s) and volume(s) | Fundraising Shares Conversion Shares No. of Shares 100,000,000 167,999,999 Price 0.02 pence 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 267,999,999 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Raju Samtani |
| 2. | Reason for the Notification | |
| a) | Position/status | Finance Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of subscription shares for £10,000 Issue of conversion shares to settle accrued fees of £16,666 |
| c) | Price(s) and volume(s) | Fundraising Shares Conversion Shares No. of Shares 50,000,000 55,553,333 Price 0.02 pence 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 105,553,333 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Edward Slowey |
| 2. | Reason for the Notification | |
| a) | Position/status | Technical Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of conversion shares to settle accrued fees of £13,500 |
| c) | Price(s) and volume(s) | Conversion Shares No. of Shares 45,000,000 Price 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 45,000,000 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Dr. Evan Kirby |
| 2. | Reason for the Notification | |
| a) | Position/status | Non-Executive Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of conversion shares to settle accrued fees of £6,400 |
| c) | Price(s) and volume(s) | Conversion Shares No. of Shares 21,333,333 Price 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 21,333,333 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Michael Graham Allardice / Quantum Capital and Consulting Limited |
| 2. | Reason for the Notification | |
| a) | Position/status | Group Company Secretary / Consulting company of Michael Graham Allardice |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of conversion shares to settle accrued fees of £30,000 |
| c) | Price(s) and volume(s) | Conversion Shares No. of Shares 100,000,000 Price 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 100,000,000 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Martyn Churchouse / M Churchouse Consultancy Limited |
| 2. | Reason for the Notification | |
| a) | Position/status | Technical Consultant / Consulting company of Martyn Churchouse |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Bezant Resources PLC |
| b) | LEI | 2138008K9GRXDUVYVK15 |
| a) | Description of the Financial instrument, type of instrument | ordinary shares of 0.002 pence each |
| Identification code | ISIN: GB00B1CKQD97 TIDM: AIM:BZT | |
| b) | Nature of the Transaction | Issue of conversion shares to settle accrued fees of £6,250 |
| c) | Price(s) and volume(s) | Conversion Shares No. of Shares 20,833,333 Price 0.03 pence |
| d) | Aggregated information Aggregated volume | Issue of 20,833,333 shares |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.