Bezant Resources is selling an 80% stake in the Mankayan copper gold project in the Philippines.
The share price rose by 0.07p to 0.2p after the deal was announced.
The deal involves a funding commitment by Mining and Minerals Industries Holdings (MMIH) of up to $2.25m (£1.82m) on exploration, where the work programme needs to be carried out by April 2020, followed by a further commitment of up to $5.5m (£3.23m) for a definitive feasibility study.
MMIH intends to reverse certain Philippines assets into Singapore Stock Exchange listed China Hongxing Sports and Bezant will also receive $10m (£5.87m) of shares in that company as part of the deal.
Bezant retains a 20% stake in Asean Copper which owns the project.
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