Asiamet Resources Ltd - focused on copper, gold and polymetallic assets in Indonesia - Notes USD4 million non-brokered private placement to PT Delta Dunia Makmur Tbk through the issue of 366.9 million new shares at an issue price of 0.9 pence per share. This includes Asiamet Chief Executive Officer Darryn McClelland subscribing for 4.0 million new shares on the same terms. Net proceeds of the placement and subscription will be used to advance the Beruang Kanan Main copper project in central Kalimantan, Indonesia. Following the completion of the placement, PT Delta Dunia Makmur will have around a 35% stake in Asiamet.
Asiamet CEO McClelland comments: "[PT Delta Dunia Makmur]'s continued support for Asiamet through this placement is crucial to the timely progression of the BKM project. This round of funding enables the company to continue progressing a number of critical path activities. Continuation of project engineering, formal engagement with key execution contractors and delivering on several site-based programs are all requirements ahead of completing a project financing package. In addition to these activities, the funding will support work programs required to update important government submissions required for the project to advance to the construction phase."
Current stock price: 0.94 pence, up 2.2%
12-month change: down 13%
By Greg Rosenvinge, Alliance News senior reporter
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Asiamet Res (ARS)