Bezant Resources shares rise on loan and offtake deals
Bezant Resources PLC on Friday announced an up to $7 million prepayment facility, and an associated offtake agreement, to support its Hope & Gorob copper project in Namibia.
In response, the copper and gold exploration company’s stock climbed 14% to 0.12 pence on Friday afternoon in London.
Bezant, which has projects in Africa, South America and the Philippines, said the deals are subject in large part to completing its acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Ltd, as announced in mid-August.
The conditional prepayment facility, and the associated concentrate offtake term sheet, are both with an unnamed ‘globally recognised commodities trading company’. This financier, Bezant said, will be named once full-form definitive agreements are signed.
Bezant said the loan is structured as a senior secured facility made available in tranches totalling up to $7 million, with an initial advance of $3 million expected to be available upon closing and the remainder ‘to be disbursed at agreed intervals prior to commissioning’.
‘The prepayment facility has been agreed in parallel with a life of mine 100% concentrate offtake agreement on competitive rates and terms customary for a project of this type and scale,’ Bezant added.
Executive Chair Colin Bird commented: ‘We are pleased to have agreed terms, subject to standard due diligence and final closing conditions terms, both a concentrate offtake and structured prepayment facility with a globally recognised commodities trader.
‘The framework ideally suits our project development schedule and, is an important part of our financing arrangements for the advancement of the Hope & Gorob Project including the downpayment to the vendor of the NLZM Processing Plant, payment of deposits to suppliers of key components of both the NLZM plant upgrade and the construction of the mine site crushing and ore sorting facility.’
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