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(Sharecast News) - Bezant Resources has agreed to sell its Eureka copper-gold project in Argentina to Ajax Resources, it announced on Tuesday, under proposed terms that would be formalised through a share purchase agreement.
The AIM-traded firm said the deal would see Bezant dispose of its subsidiary, Puna Metals, which holds the 12 Eureka Project licences.
Under the agreement, Bezant said it would receive an initial cash payment of $0.12m, with a further $0.1m in deferred consideration to be satisfied through the issue of new Ajax shares.
The company said the deferred consideration would become payable on the admission of Ajax's enlarged share capital to a recognised stock exchange or multilateral trading facility, with its value linked to a broader fundraising by Ajax.
Bezant said its audited accounts for 2023 recorded total assets of £11,000 and liabilities of £105,000 related to the Eureka Project.
The company said it intended to provide further updates in due course.
At 1141 GMT, shares in Bezant Resources were down 4.51% at 0.02p.
Reporting by Josh White for Sharecast.com.
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