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.
As a bonus, the two firms extend their mineral production sharing agreement (MPSA) to 11 November 2021.
Bezant share price
Bezant shares today rallied 37.9% to trade at 0.20p having closed Friday’s session trading at 0.145p.