Bezant Resources raises £1.189m from 38.4m shares

Mineral explorer Bezant Resources raised £1.189m through a share placement and subscription on AIM to fund further development at its platinum and gold mines in the Choco region in Colombia

The miner raised £1.189m, before expenses, by a placement through Beaufort Securities, of 38.4m shares of 0.2p each, and a subscription for 21.05m shares of 0.2 each by new and existing investors. Both had a new share price of 2p, a 27.3% discount.

The placing and subscription are conditional on admission to trade on AIM on 30 September, which will represent about 30.29% of the company's enlarged issued share capital, or 196.2m ordinary shares, with none in treasury.

Hong Kong based Tomori Enterprises invested £250,000 for 12.5m subscription shares.

On admission to AIM, Tomori will have about 46.6m shares representing about 23.76% of the enlarged ordinary share capital.

Bezant's geologists and mining engineers are to work alongside Exumax, a mining specialist which has about six years' experience operating alluvial mining projects in Colombia and imported the first specialist mining equipment from New Zealand to be used specifically for near-surface production operation, to test the first alluvial gravels for free platinum and gold at the FKJ083 licence in Columbia.

The company also said that certain directors will receive a settlement of a proportion of their outstanding directors' fees and salaries from various time periods from 1 June to 19 September through the issue of new shares.

Shares in Bezant Resources were down 9.45% to 2.49% to 1519 BST.