LONDON (Alliance News) - Asiamet Resources Ltd said Wednesday that it is planning a placing of up to 60.7 million shares to raise USD3.3 million.
The company will issue the shares at 4.25 pence each. Asiamet shares were trading up 10% at 4.69p each.
The proceeds from the offer will be used by the company to complete the BKM feasibility study in Indonesia "with additional infill drilling program to upgrade inferred resources and provide increased data through geotechnical drilling for mine design parameters", the firm explained.
The placing, which will be conducted as an accelerated bookbuild, is expected to close later Wednesday.
The company has appointed Joh Berenberg, Gossler & Co KG, London Branch as sole bookrunner.
Asiamet Res (ARS)