Bezant Resources (AIM:BZT) has received an update on its transaction with Mining and Minerals Industries ("MMIH"), a private company incorporated in Singapore, with respect to the disposal of 80% of the company's interest in the Mankayan copper-gold project in the Philippines.
Bezant sold 80% of its interest in the Mankayan Copper-Gold project in October 2019 to Mining and Minerals Industries (“MMIH”), a private company incorporated in Singapore.
The copper-gold exploration company holds with the remaining 20% interest in the Mankayan copper-gold project through its 20% shareholding in Asean Copper Investments Limited.
MMIH, which is planning to list MMJV on the Singapore Stock Exchange, via a reverse takeover, has now asked the Singapore Exchange for a process extension to allow for the effects of coronavirus.
The application was initially refused, but an appeal has subsequently been lodged on the grounds that the RTO Transaction has been hampered by the COVID-19 pandemic.
Shares in Bezant Resources were trading 24% lower at 0.095p on Monday morning.
As a result, there has been no exploration activity at the Mankayan project site since the local lockdown commenced in mid-March 2020, this morning’s statement detailed.
Accordingly, MMIH has advised Bezant that it has , to date, not been able to fulfil its expenditure commitments under the terms of the transaction agreement.
Bezant has therefore decided to defer taking any action or granting any waiver, pending the outcome of the extension application or the receipt of further information on MMIH 's listing and funding strategy, but still reserves its position and rights under the transaction agreement.
Meanwhile, MMIH said it is simultaneously pursuing alternative opportunities to achieve a potential listing and fundraising on certain other recognised global stock exchanges.
The company expects to receive further information and clarification from MMIH during the third quarter of 2020.
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