Further to the results of today’s General Meeting, as announced earlier today, the Company continues without a mandate to issue any new shares. Bellzone’s major shareholder Hudson Global Group Limited (“Hudson”) has re-affirmed its position and the Board of Bellzone respects that re-affirmation.
The views of our major shareholder are a significant influence and the Board is moving forwards in a way which is acceptable to Hudson and, in the Board’s judgment, is in the interests of Bellzone and the rest of its shareholders too.
Prudence dictates that, until further clarity on the Company’s future is obtained within the next few weeks, there is an immediate temporary suspension of the feasibility study work on the ferronickel project.
It is anticipated that the Company will remain within its timetable obligations under its Mining Convention if the bulk sample is shipped to South Africa for the smelting campaign before the end of 2018 and normal operations are resumed then.
The Company continues to explore options to remain as a going concern including further dialogue with Hudson and discussions with interested parties on ways urgently to monetise the Company’s Konta Port asset.
The Board is encouraged by progress but there is no certainty that any agreement will be reached before the Board would need to consider it prudent to invoke an insolvency procedure.
Bellzone Mining plc
+44 (0) 7767 492 712
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