Latest NewsAsiamet Resources Limited - Successful Placing of approximately US$ 2.1 million
Asiamet Resources Limited – Successful Placing of approximately US$ 2.1 million
Asiamet Resources Limited (“Asiamet” or the “Company”) is pleased to announce that it has today successfully placed a total of 50,000,000 new common shares of par value US$0.01 each in the Company (the “Placing Shares”) at a price of 3.5 pence per share (the “Issue Price”) raising gross proceeds of approximately £1,750,000 million (US$2,124,000 million) (the “Placing”).
Proceeds of the Placing will be utilised to fund a number of the value enhancement initiatives outlined in the recently completed BKM Feasibility Study (see release dated 14 June 2019), to continue stakeholder engagement programs (government, business and community) and permitting in preparation for development of the BKM project, undertaking initial metallurgical test-work on mineralisation from upper parts of the Beutong deposit, and to continue progressing options for funding the ongoing development of both the BKM and Beutong projects.
Peter Bird, CEO of Asiamet Resources commented:
“We are very pleased with the support received both from existing as well as new investors. The completion of this financing allows us to commence a number of the more significant value enhancement initiatives identified in the BKM BFS, including drilling some of the highest priority targets for additional copper Resources located nearby the proposed BKM mine development.
We also plan to initiate a metallurgical test-work programme on samples from the upper parts of the Beutong deposit to test the amenability of the mineralisation for heap-leaching and hence the potential for alternative development options. Progressing the permitting and funding options for BKM and Beutong continues to be a key focus of the management team and we look forward to providing regular updates on all workstreams as they are being progressed.”
Placing details and Total Voting Rights
Optiva Securities acted as lead bookrunner in relation to the Placing.
The Company has successfully placed 50,000,000 Placing Shares raising gross proceeds of approximately £1,750,000 million (US$2,124,000 million).
The Placing is conditional upon, inter alia, Admission of the Placing Shares to trading (which will be issued and settled in CREST to the extent possible) on AIM. Application will be made for Admission, which is expected to occur by 8.00 a.m. on 30 August 2019 (“Admission”).
Following Admission, the Company’s issued ordinary share capital will comprise 1,095,960,742 common shares. From Admission, the figure of 1,095,960,742 may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Note: for the purposes of this announcement figures have been calculated based on an exchange rate of US$1.21=£1.00
Mr Bruce Sheng a director of Asiamet Resources and Chairman of ASIPAC Group participated in the Placing through ASIPAC Group and agreed to subscribe to 3,371,686 Placing Shares at the Placing Price.
On Admission, the shareholdings of the ASIPAC Group will continue to constitute a significant shareholding for the purposes of the AIM Rules for Companies and be as follows:
Holding of Common Shares
Percentage of Enlarged Share Capital
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, CEO
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Telephone: +44 (0) 7891 677 441
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Optiva Securities Limited
Telephone: +44 20 3137 1903
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