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LONDON - Bezant Resources Plc (AIM: BZT), a copper-gold exploration and development company, has entered into a conditional share purchase agreement for the sale of its Eureka Project in Argentina. The agreement, announced on Monday, involves the sale of Puna Metals S.A., which holds the Eureka Project’s 12 licenses, to Ajax Resources Plc (LSE:AJAX) for a cash consideration of $170,000.
The sale marks a shift in Bezant’s focus towards its Southern African projects, particularly the Hope and Gorob project in Namibia, where the company recently received an Environmental Clearance Certificate on April 3.
The initial terms for the sale outlined on February 25 included a deferred consideration in Ajax shares, but the parties have since agreed to a full cash settlement to expedite the transaction. The disposal is set to be completed the business day following Ajax’s delisting from the Official List and Main Market, scheduled for May 20.
The agreement is contingent on several conditions, including the settlement of Puna’s creditors, filing of accounts for Puna and Eureka up to December 31, 2024, and other standard completion confirmations and documents.
Following the sale, all outstanding creditors of Puna and Eureka will be settled from the cash proceeds, leaving Eureka as a dormant entity to be disposed of. Bezant’s audited accounts as of December 31, 2023, showed total assets of £11K and liabilities of £105K in relation to the Eureka Project.
Additionally, Bezant has provided an update on its investment in the Mankayan copper-gold project in the Philippines, held through IDM International. A proposed merger between IDM International and Blackstone (NYSE:BX) Minerals, an ASX-listed company, is expected to be completed by May 31, 2025.
This strategic move allows Bezant to reallocate resources and focus on its core projects with the expectation of enhancing shareholder value. The information in this article is based on a press release statement.
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