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Here’s Why Bezant Share Price Surged 37.9% Today

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Simon Mugo

Shares of Bezant Resources plc (LON: BZT) today surged 37.9% after the company revealed further details of its plan to list the entity that holds an 80% stake in the Mankayan copper-gold project located in the Philippines.

The company plans to do a reverse merge of the vehicle (MMJV) into AsiaPhos Ltd, a company listed in Singapore. The deal is set to be concluded later this month following which AsiaPhos will issue new shares worth £42 million of which Bezant will receive £5.6 million.

Bezant will still hold 20% on the Mankayan project as part of the deal, which is still at the “non-binding term sheet” stage and could lapse if it is not concluded by the end of October.

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As a bonus, the two firms extend their mineral production sharing agreement (MPSA) to 11 November 2021.

Bezant share price

Tradingview chart of Bezant share price 05102020

Bezant shares today rallied 37.9% to trade at 0.20p having closed Friday’s session trading at 0.145p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.