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Copper-gold explorer and developer Bezant said it had entered into a conditional transaction agreement last week to sell 80% of its take in the Mankayan copper-gold project in the Philippines to Singapore-based Mining and Minerals Industries Holdings.
Following the transaction, Bezant would retain a 20% stake in Asean Copper and thereby a direct interest in the Mankayan project, the company said.
'Asean Copper, incorporated in the British Virgin Islands, is the special purpose vehicle through which Bezant owns its interest in the Mankayan project, the company added.
'The Mankayan Project is a significant copper-gold property and this agreement enables us to secure funding to progress the project whilst generating value for the company and its shareholders going forwards from a 20% shareholding in Asean Copper and a potential additional indirect minority interest in the project via a shareholding in a Singapore listed entity,' the company said.
Under the terms of the deal, Mining and Minerals Industries Holdings, MMIH, agreed to commit up to US$2.25m to satisfy the exploration period requirements; a further funding commitment of up to S$5.5m to undertake a definitive feasibility study (following approval by the relevant Philippine authorities that exploration requirements had been met); and issue S$10m of shares in CHX or other listed entity holding MMJV on the Singapore Stock Exchange.
'If Bezant's shareholders duly approve the propsed transaction at the requisite general meeting, which will be convened shortly, we look forward to working with MMIH to progress operations and new exploration opportunities at Mankayan,' the company added.
At 9:16am: (LON:BZT) Bezant Resources PLC share price was +0.08p at 0.22p