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Bezant Resources PLC (LON:BZT) saw its shares move higher on Wednesday after the group said it was finalising legal documents for the sale of 80% of its stake in the Mankayan copper-gold project in the Philippines.

The AIM-listed firm said all conditions for the sale had been satisfied and that a further announcement will be released in due course to confirm completion of the transaction.

WATCH: Bezant Resources secures funding deal for its Mankayan copper project

The stake in Mankayan is being sold to Mining and Minerals Industries Holding Ltd in return for an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.

In mid-afternoon trading, Bezant shares were 12.3% higher at 0.2p.