(LON: BZT) has received an update from Mining and Minerals Industries Holding (MMIH) regarding its preparations in respect of the proposed listing of MMJV, the subsidiary that holds its 80% of the Mankayan copper-gold project in the Philippines, of which Bezant owns the other 20%.
MMIH is planning to list MMJV on the Singapore Stock Exchange via a reverse takeover but has asked the Singapore Exchange for an extension to the process to allow for the negative effects of coronavirus.
The application was initially refused, but an appeal has subsequently been lodged. MMIH is simultaneously pursuing alternative opportunities.
Meanwhile, the Philippines has only recently started to ease the coronavirus lockdown restrictions which have severely restricted movement and required all non-essential offices to be closed, such that there has been no exploration activity at the Mankayan project site since the local lockdown commenced in mid-March 2020.
Accordingly, MMIH has advised Bezant that it has, to date, not been able to fulfil its expenditure commitments under the terms of the transaction agreement.
Bezant, in turn, has decided to defer taking any action or granting any waiver, pending the outcome of the extension application or the receipt of further information on MMIH ‘s listing and funding strategy.
Nevertheless, Bezant said it still reserves its position and rights under the transaction agreement. The company currently expects to receive further information and clarification from MMIH during the third quarter of 2020.