Bezant Resources PLC on Wednesday said it launched a fundraise to facilitate its mining operations in Namibia and Botswana.
The copper and gold explorer and developer said it will issue 1.88 billion shares at a price of 0.04 pence. Of the issuance, 1.38 billion will be via a placing of new shares for £550,000.
The issue price is a 33% discount to its closing price of 0.06p on Tuesday. Bezant shares were 35% lower at 0.043p each in London on Wednesday morning.
Bezant explained the proceeds will be put towards technical studies and negotiations with contractors, and undertaking a reconnaissance exploration at an anomaly identified during its airborne survey.
The company is awaiting the issue of a mining licence at its Hope copper-gold project in Namibia, where it targets 8,000 tonnes per year of open pit copper/gold from 2024.
‘At the Kayne manganese project in Botswana the focus will be metallurgical test work and in-house mineral resource estimation and planning follow up drilling. We look forward to updating shareholders on these activities,’ said Chair Colin Bird.
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