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LONDON - Blackstone (NYSE:BX) Minerals Ltd (ASX:BSX) has completed its merger with IDM International Limited, the company through which Bezant Resources Plc (AIM:BZT) holds its interest in the Mankayan Copper Gold project in the Philippines.
Under the terms of the merger, which was first announced on February 6, IDM shareholders received 7.4 Blackstone shares for every one IDM share held, with fractional entitlements rounded down.
Bezant Resources has been issued 139,365,650 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06, expiring on November 1, 2026. Based on Blackstone’s closing share price of AUD 8.8 cents (approximately 4.2 pence) on June 26, this represents a significant holding for Bezant.
The merger completion was confirmed in Blackstone’s announcement on Friday, along with a separate corporate update regarding board and management changes following the transaction. Blackstone has also applied for the quotation of the new shares issued to IDM shareholders as part of the merger arrangement.
The Mankayan Project is a copper-gold exploration and development asset located in the Philippines. The transaction consolidates ownership of this resource under Blackstone’s corporate structure.
This article is based on information contained in press release statements issued by Bezant Resources Plc.
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