Bezant Resources (AIM:BZT ), the mineral exploration and development company, has today published a trading update in relation to the company's cash position.
In April 2020, the company acquired a 30% interest in the Kalengwa Copper Gold Exploration Project in Zambia, providing access to a large strongly prospective exploration area surrounding the historic, high-grade Kalengwa open pit copper mine.
Kalengwa is estimated to hold 1.9m tonnes grading at 9.44% copper and 50 grams per tonne of silver and several strong geochemical/structural targets, many not previously drilled.
The Initial objective of the joint venture is to fully evaluate the extensive historic exploration data in order to prioritise targets for follow-up and early drilling, the group explained.
Shares in Bezant Resources opened flat this morning at 0.12p.
More recently, the company acquired 100% of Virgo Resources and its interests in the Hope Copper-Gold Project in Namibia, as well as announcing a further £350,000 fundraising.
Upon completion of the acquisition, Bezant will issue 422,062,525 new ordinary shares, at a deemed issue price of 0.2p per share, a 67% premium to yesterday’s closing middle market share price of 0.12p.
Colin Bird, Executive Chairman of Bezant Resources said the acquisition of Virgo Resources represents “a major additional contribution to Bezant's copper gold portfolio.”
The £350,000 proceeds will be used to progress the evaluation of the Kalengwa project in Zambia, as well as geophysics and geochemistry in relation to the Hope Copper-Gold project.
As a pre-production exploration mining company, Bezant has demonstrated its ability to raise a total £700,000 during the period 1 January 2020 which it will use to fund its mining activities.
On 31 December 2019 the group had unaudited cash & cash equivalents of £350,000 (2018 £492,000) and trade creditors of £395,000 (2018 £73,000).
Bezant will publish its audited accounts for the year ended 31st December 2019 by 30th September 2020 while its AGM is to be held on or around Monday 4 August 2020.
Follow News & Updates from Bezant Resources here: