Executive chairman Colin Bird described the move as a significant milestone for the company and described Hope as a very attractive project.
“From Bezant’s technical due diligence on the project it was clear that there is potential for considerable upside as the Gorob-Vendone Deposit was not assayed for gold and there is the possibility for further discovery of similar type mineralisation as the project contains 150 km not yet tested,” Bird said in a statement.
“Now that the transaction has been completed Bezant will be looking to implement the value creation strategy announced on 15 July 2020.”
To acquire Virgo, Bezant issued around 422mln new shares at a deemed price of 0.2p, together with up to 113mln shares based on the company’s share price on August 14, plus A$157,021 (£86,600) paid in cash.
Bezant noted that the new shares will be admitted for trading on London’s AIM market from Thursday, August 20. Additionally, it noted that certain lock-up restrictions are in place for the consideration shares, with 25% only tradable after six months following completion, and a further 50% not tradeable for twelve months. The other 25% of the consideration shares will be tradeable from admission to AIM.