Bezant Resources extends longstop for Mankayan deal

Bezant Resources PLC (LON:BZT) said the longstop date for the listing of 80% of its Mankayan copper-gold project in the Philippines has been pushed back until 15 November.

The listing vehicle MMJV, which in turn is a subsidiary of Mining and Minerals Industries Holding, is being reversed into a Singapore-listed company called AsiaPhos.

Once the deal has been concluded AsiaPhos will issue £42mln-worth of shares with Bezant receiving stock valued at £5.6mln. It also holds the remaining 20% of Mankayan.

Bezant the extension was agreed as the parties are still negotiating the terms of the Definitive Agreements and remain keen to proceed with the proposed AsiaPhos Acquisition.