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LONDON - The Supreme Court of Western Australia has approved the merger between Blackstone (NYSE:BX) Minerals Ltd and IDM International Limited, which will impact the Mankayan Copper Gold project in the Philippines, according to a statement released by Bezant Resources Plc (AIM:BZT) on Tuesday.
The court order approving the scheme of arrangement is expected to become legally effective on Wednesday, June 18, 2025, when it is lodged with the Australian Securities and Investment Commission.
Under the merger terms, IDM shareholders will receive 7.4 Blackstone shares for every one IDM share they hold. Bezant Resources, which holds an interest in the Mankayan Project through IDM, will receive 139,365,659 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06, expiring on February 5, 2029.
The implementation timeline indicates that the record date for the scheme is set for Friday, June 20, with implementation scheduled for Friday, June 27. Normal trading of Blackstone shares is expected to resume on Monday, June 30.
As of Tuesday, Blackstone’s closing share price was AUD 9.1 cents (approximately 4.4 pence), according to information from the Australian Securities Exchange.
The merger, initially announced on February 6, 2025, represents a significant development for the Mankayan Copper Gold project, in which Bezant maintains an interest through its stake in IDM International Limited.
This article is based on a press release statement from Bezant Resources Plc.
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