Last checked at (Sharecast News) - Copper and gold miner Asiamet Resources has raised roughly £1.75m by way of a placing of 50.0m ordinary shares of 3.5p each.
Asiamet undertook the placing in order to fund a number of previously announced "value enhancement initiatives" and to cover necessary permit costs in preparation for the development of its BKM project.
The AIM-listed group will also undertake initial metallurgical test-work on mineralisation from upper parts of its Beutong deposit, and continue progressing options for funding the ongoing development of both BKM and Beutong.
Following admission of the new shares to trading, Asiamet will have 1.09bn shares in circulation.
Chief executive Peter Bird said: "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."
As of 0825 BST, Asiamet shares had picked up 3.60% to 3.60p.
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