Bezant Resources Plc to sell Eureka Project in Argentina
Why we think this is good
The RNS announcement provides details on Bezant Resources Plc's proposed sale of the Eureka Project in Argentina for a cash consideration of US$170,000. This appears to be a straightforward and positive transaction for the company, as it will enable Bezant to focus on its flagship projects in Southern Africa. The disposal price is reasonable compared to the relatively small asset value and liabilities associated with the Eureka Project. Overall, the news is positive for Bezant, but does not meet the criteria for a 'Very Good' rating.
Key Points
- Bezant to sell 100% of Puna and its shareholders loans to Puna representing its interest in the Eureka Project in Argentina
- Cash consideration of US$170,000 payable at completion
- Sale will enable Bezant to focus on its Southern African projects, particularly the Hope and Gorob project in Namibia
Summary
Bezant Resources Plc has announced the proposed sale of its Eureka Project in Argentina to Ajax Resources Plc for a cash consideration of US$170,000. The sale will enable Bezant to focus on its Southern African projects, particularly the exploration and development of its flagship Hope and Gorob project in Namibia. The disposal price appears reasonable compared to the relatively small asset value and liabilities associated with the Eureka Project, and the transaction is expected to complete by the end of April 2025.