15 June 2023

Bezant Resources Plc

("Bezant" or the "Company")

Funding Facility Repayment Extension, Issue of Shares and TVR

Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcements of 23 November 2021 and 30 June 2022 confirms that it has by an agreement dated 14 June 2023 agreed with Sanderson Capital Partners Limited ("Sanderson Capital" or the "Lender") a long-term shareholder in the Company to extend the repayment date for the £700,000 drawn down under the unsecured convertible loan funding facility entered into with Sanderson Capital on 22 November 2021 (the "Facility") (the "Agreement"). The £700,000 drawdown is now repayable by 23 December 2024 and convertible by the Lender at the fixed price of 0.08 pence per share (the "New Conversion Price").  No further amounts can be drawn down under the Facility.

The Company will as a loan extension fee i) pay the Lender a £70,000 facility extension and documentation fee equivalent to 6.67% per year which is to be settled by the issue of 87,500,000 new ordinary shares of 0.002p each ("Shares") at the New Conversion Price  ("Facility Extension Fee Shares"); and ii) issue the Lender 437,500,000 warrants over Shares exercisable at 0.12 pence per Share (the "Warrant Exercise Price") exercisable for two years from the date of the Agreement. (the "Facility Extension Fees"). The Company has an option to convert all or part of the £700,000 drawdown if the Company's share price exceeds 0.14 pence for 10 or more business days.

The New Conversion Price is at a 113% premium to the closing price of 0.0375 pence per share on 14 June 2023 the last practical date before the issue of this announcement and a 100% premium to the placing price in relation to the Company's £750,000 fundraising announced on 12 April 2023.  The Warrant Exercise Price is at a 220% premium to the closing price on 14 June 2023.

Colin Bird, Executive Chairman said:

"We are pleased that Sanderson have repriced the convertible allowing the Company to advance all its technical and financial activities for the company, particularly the Hope and Gorob project, which continues to show much more potential than previously envisaged." 

Tanvier Malik CEO of Sanderson Capital Partners Limited said: 

"We have agreed to reprice and extend the terms of our loan on the basis that we support Bezant's   management's strong conviction on the unreleased value of the portfolio.  We look forward to management reporting significant advances within their project base."

In addition, further to its announcement of 12 February 2021 regarding the granting and registration of EPL 7170 in the name of the group's 80% owned subsidiary Hope Namibia Mineral Exploration Pty Ltd Incorporated in Namibia ("Hope Namibia") which also owns EPL 6605, the Company announces the issue of 15,763,889 freely tradable Shares in the capital of the Company (the "Balance Shares") at the deemed issue price of 0.27p per Balance Share, as referred to in the 12 February 2021 announcement.

Application to trading on AIM: Application will be made to the London Stock Exchange for the Facility Extension Fee Shares and the Balance Shares (the "New Shares") to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the New Shares will commence at 8.00 a.m. on or around 21 June 2023.

Total Voting Rights: Following the issue of the New Shares the Company's total issued share capital will consist of 7,637,973,036 Ordinary Shares with voting rights.  The Company does not hold any Ordinary Shares in treasury and accordingly, there are no voting rights in respect of any treasury shares. 

On Admission, the abovementioned figure of 7,637,973,036  Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Further AIM Disclosures

Sanderson Capital Partners Ltd have confirmed that they and associates are interested in 673,969,231 shares in the Company and after the issue of the Extension Fee Shares will be interested in 761,469,231 Shares representing 9.97% of the Company's enlarged issued share capital on Admission of the New Shares.

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).