Update on MMIH (Singapore) Transaction and Mankayan Copper-Gold Project, Philippines
Bezant (AIM: BZT), the copper-gold exploration and development company, announces an update on the proposed acquisition by AsiaPhos Ltd (“AsiaPhos”) a company listed on the Singapore Exchange Securities Trading Limited (the “Singapore Stock Exchange” or “SGX”) Catalist Board, of MMJV Pte. Ltd. (“MMJV”), a 100 percent subsidiary of MMIH, by way of a reverse takeover transaction pursuant to the signing of a non-binding term sheet between AsiaPhos and MMJV on 29 September 2020 (the “Term Sheet”) (the “Proposed AsiaPhos Acqusition”) which was announced by the Company on 5 October 2020 in connection with the Company’s transaction with Mining and Minerals Industries Holding Pte. Ltd. (“MMIH”), a private company incorporated in Singapore, with respect to the disposal of 80 per cent of the Company’s interest in the Mankayan copper-gold project in the Philippines (the “MankayanProject”) (the “Transaction”).
The Term Sheet provides that it shall automatically terminate if the parties do not enter into definitive agreements relating to the Proposed AsiaPhos Acquisition (“Definitive Agreemets”) by 31st October 2020 (the (“the Term Sheet Termination Date”)
AsiaPhos have on the 2 November 2020 announced;
i) an extension of the Term Sheet Termination Date to 15 November 2020 affected by the parties on 31 October 2020 entering into an extension letter (the “Extension Letter”); and
ii) that the Extension Letter was entered into as the parties are still negotiating the terms of the Definitive Agreements and remain keen to proceed with the Proposed AsiaPhos Acquisition.
Information in relation to the Proposed AsiaPhos Acquisition has been obtained from AsiaPhos’s SGX announcement dated 2 November 2020 which can be viewed at https://links.sgx.com/FileOpen/AsiaPhos%20-%20Extension%20of%20Term%20Sheet%20Termination%20Date.ashx?App=Announcement&FileID=637614
Full details of the Transaction were set out in the Company’s announcement on 7 October 2019 and, unless otherwise defined hearin, capitalised terms used in this announcement shall have the same meanings as given to them in such previous announcement. Completion of the Transaction was announced on 18 November 2019 with Bezant retaining 20 per cent of its interest in the Mankayan Project via Asean Copper and an update was announced on 15 June 2020 and 5 October 2020.
Further to the above update, the board of Bezant has decided to defer taking any action or granting any waiver, pending further information in relation to the Proposed AsiaPhos Acquisition, whilst preserving its position and rights under the Transaction Agreement. The company will provide a further update(s) as and when appropriate.
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