Bezant receives £550k in equity fundraising
Bezant, an AIM-quoted gold and platinum development company, has raised £550k before expenses through a conditional placement of just over 110m new ordinary shares of 0.2 pence each.
This is at a price of 0.4 pence per share, arranged by Peterhouse Corporate Finance Limited, and a subscription for over 27m new ordinary shares at the same price, with certain existing and new institutional and other investors.
The net proceeds of today’s (December 6) fundraising is to provide additional working capital for the group whilst it pursues a revised development funding strategy.
Edward Nealon, chairman of Bezant, commented: “It is with disappointment that we have been unable to raise the required level of equity funding from the capital markets to progress our Choco Project into full-scale commercial production.
“We fundamentally believe that the project remains an attractive and high quality asset and are confident that we will, in due course, be able to secure the requisite development funding from an alternative source to enable us to recommence production.”
The net proceeds of the fundraising will be applied to the group’s general working capital requirements whilst it seeks to identify and source appropriate development funding at the project level for its Choco Project.