Bezant introduces new investor group with £600 000 raising

JOHANNESBURG (miningweekly.com) – Minerals explorer Bezant Resources has secured the support of Tiger Resource Finance, alongside its individual directors, including Colin Bird, as strategic investors in its latest equity fundraising.

The company announced on Monday that it had raised £600 000 through the subscription and placing of 133 333 333 new shares at 0.45p a share.

Bird has participated in the fundraising in his private capacity and in conjunction with certain of his associates, including Tiger Resource Finance. This group has subscribed for 88 888 889 new shares, representing £400 000 of the gross proceeds and will hold about 11.9% of the company’s issued share capital.

Bezant reported that Bird, who has been involved in a series of publically quoted mining companies, including Jubilee Metals, would be appointed as the executive chairperson of the board and that Edward Nealon would stand down.

Bird would work closely together with Laurence Reed, who became CEO in January following the resignation of Bernard Olivier, to review Bezant’s current asset portfolio, starting with a full geological and corporate review.

Bezant reported that it would use the proceeds of the equity raising to identify and pursue suitable asset level partnerships of similar financial backing for the Choco gold/platinum project, in Colombia.

The funds would also be used to reassess geological data and potential corporate activity with regards to the Mankayan copper/gold project in the Philippines and its Argentinian near surface copper assets.

“Today's fundraising introduces a new supportive investor group to Bezant with a successful track record in platinum production and asset transactions. Metals projects of the calibre contained within our portfolio are relatively rare and our task is now to review every opportunity to create value from these assets and seek to generate value for shareholders,” commented Read.