Fundraising, Issue of Equity and TVR

2 October  2024

Bezant Resources Plc

("Bezant" or the "Company")

£250K Fundraising

Issue of equity to consultant in lieu of fees

Total Voting Rights

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce a share subscription of £250,000 from Kamino Minerals Limited, a company incorporated in England and Wales ("Kamino Minerals").

In addition, as detailed below the Company will be issuing new Ordinary Shares to a consultant to settle accrued fees due to them.

Fundraising: The Company has raised £250,000 (gross) by way of a share subscription from Kamino Minerals (the "Fundraising") at 0.035 pence per Ordinary Share (the "Fundraising Price") for the issue of 714,285,714 new Ordinary Shares (the "Fundraising Shares") conditional upon admission of the Fundraising Shares to trading on AIM ("Admission"). Pursuant to the Fundraising, in aggregate, 714,285,714 Fundraising Shares will be issued at the Fundraising Price which represents a premium of 59 per cent. to the closing middle market price of an Ordinary Share of 0.022 pence on 1 October 2024, being the latest practicable date prior to this announcement. 

Use of Proceeds: The proceeds from the Fundraising are planned to be used:  

i) on the Hope Copper-Gold project in Namibia where we await the issue of a mining licence, to support finalisation of technical optimisation work and ongoing negotiations re pre-development contracts, financing offers and the acquisition of existing infrastructure expected to significantly reduce upfront capital expenditure and reduce lead time to production at the Hope & Gorob project.   

ii) and also to support other group projects and on corporate overheads and to provide working capital for the Group.

Consultant Shares: The Company is issuing 50,632,911 new Ordinary Shares of 0.002p each (the "Consultancy Fee Shares") at the VWAP of the Bezant share price of 0.0237 pence per Ordinary Share for the 6 months ended 9^th September 2024 to settle consultancy fees of £12,000 accrued during this period.

Further Details of the Fundraising: Kamino Minerals will also receive 500,000,000 warrants exercisable at 0.05 pence per ordinary share exercisable on or before 31 January 2025 ("Fundraising Warrants"). The Fundraising Shares represent approximately 5.81 per cent. of the Company's enlarged issued share capital as enlarged by the issue of the Fundraising Shares and the Consultancy Fee Shares.

The Fundraising Shares and the Consultancy Fee Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

Application to trading on AIM: The Fundraising is conditional on Admission.  Application will be made to the London Stock Exchange for the 714,285,714 Fundraising Shares, and 50,632,911 Consultant Shares (the "New Shares") to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 21 October 2024.

Total Voting Rights after Fundraising: Following the issue of the New Shares the Company's total issued share capital will consist of 12,304,059,682 Ordinary Shares with voting rights.  The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. 

On Admission, the abovementioned figure of 12,304,059,682 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Disclaimer

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the FCA, is acting as Nominated Adviser ("Nomad") to the Company in connection with the matters contained in this announcement, and will not be acting for any other person or otherwise be responsible to any person for providing the protections afforded to clients of Beaumont Cornish or for advising any other person in respect of the matters set out in this announcement or any transaction, matter or arrangement referred to in this announcement. Beaumont Cornish's responsibilities as the Company's Nomad are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his or her decision to acquire any shares in the Company. Furthermore, Beaumont Cornish has not approved or authorised the release of this announcement in whole or in part, directly or indirectly into The United States, Canada, Australia, Japan or The Republic of South Africa or any other jurisdiction in which such release, publication or distribution would be unlawful.