Proposed sale of Eureka Project in Argentina
Agreed to sell Eureka Project in Argentina to Ajax Resources for US$120,000 cash plus deferred consideration of US$100,000 in shares.
- Initial cash consideration US$120,000
- Deferred consideration in Ajax shares US$100,000
- Total assets relating to Eureka Project £11K
- Total liabilities relating to Eureka Project £105K
Select text to share a quote on X · sign in to keep highlights & notes in your BZT notes
Bezant (AIM: BZT), the copper-gold exploration and development company, announces that the Company has agreed head of terms (the "HoT") with Ajax Resources Plc ("Ajax") (LSE:AJAX) to sell Puna Metals S.A. ("Puna") which holds the 12 licences comprising the Eureka Project located in the Republic of Argentina ("Eureka" or the "Project").
Under the HoT, Bezant, has agreed terms, to be formalised by way of a share purchase agreement, to sell 100% of Puna by way of an initial US$120,000 cash payment, with deferred consideration of an additional US$100,000, to be satisfied through the issue of new ordinary shares of 1 pence each in Ajax to Bezant (the "Disposal").
The deferred consideration element of the Disposal will become payable on the admission to trading of the enlarged share capital of Ajax to a recognised stock exchange or multilateral trading facility, with the value of the deferred consideration calculated by reference to a broader fundraising concurrently undertaken by Ajax.
Bezant's audited accounts to 31 December 2023 included total assets of £11K and liabilities of £105K in relation to the Eureka Project.
The Company will provide further information in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.