(Alliance News) - Asiamet Resources Ltd on Wednesday welcomed Singapore-based commodity trader Aeturnum Energy Ptd Ltd as a new shareholder.
Asiamet has issued 373.4 million new shares at 0.9 pence each to raise GBP3.4 million. The shares have gone to Aeturnum, some Asiamet directors, and a small number of other shareholders.
Asiamet, which owns copper and polymetallic projects in Indonesia, shares were 3.1% higher on Wednesday at midday in London at 1.03p.
The investment from directors and other long-term investors totals GBP670,000, suggesting Auturnum has invested around GBP2.7 million, giving it a 19.9% stake.
Asiamet Executive Chair Tony Manini said: "Asiamet welcomes Aeturnum as a major shareholder of the company and looks forward to working with the company's management to secure the terms for a KSK project level transaction and the ongoing strategic development of our broader business.
"We have been engaging with a number of groups to secure a partnership that enables Asiamet to continue building value through the ongoing development of our projects over the short, medium and long term. We believe AE as an emerging growth company with the vision of building a leading Asian green energy business based around copper and copper products, is strategically very well aligned with our drive to become a leading Asian copper producer."
"While we recognise the significant impact of this placement on the company's share structure, these are particularly challenging times for junior resource companies. With two of the best-undeveloped copper projects in the Asian region, a sound balance sheet and a supportive strategic partner, the fundamentals for building serious value for all our stakeholders remain strong," he continued.
By George Collard; georgecollard@alliancenews.com
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Asiamet Res (ARS)