Last checked at 11 Dec 2020 11:00
11 December 2020
Corporate Update - KSK Sale Process
Asiamet Resources Limited ("Asiamet or the "Company") provides the following update with respect to the sale process for the KSK Contract of Work.
Following the announcement on 8 October, 2020 that the Company had entered into a non-binding Heads of Agreement with PT Wasesa Indo Nusa ("PT WIN") to acquire the Company's wholly owned subsidiary Indokal Limited ("Indokal"), the Company wishes to advise that diligence for the various parts of the transaction is now in the final stages and nearing completion. This includes key elements such as the proposed IPO of PT WIN on the Indonesian Stock Exchange, as well as the binding Sale and Purchase Agreement ("SPA") documentation.
Both parties remain committed to the deal and continue to work closely together to complete binding documentation. The estimated timeline in the market release on 8 October 2020 for completion of the SPA has unfortunately been impacted by COVID-19 as various key consultants and legal advisors assisting the Company in Indonesia contracted the virus and have had to seek medical treatment, been hospitalised and/or have had to isolate or tend to family members who have contracted COVID-19.
Whilst a great deal of the work relating to the SPA documentation has been completed and both parties continue to be actively engaged in the finalisation of binding SPA documentation, the health and wellbeing of our staff, consultants and advisors and their families is of the highest priority.
We anticipate completion to occur prior to the Christmas/New Year period.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
For further information, please contact:-Ends-
Tony ManiniExecutive Chairman, Asiamet Resources LimitedEmail: tony.manini@asiametresources.com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.com
Blytheweigh Communications Limited
Tim Blythe/Megan Ray
Telephone: +44 (0)20 7138 3204
Email: Tim.Blythe@blytheweigh.com / Megan.Ray@blytheweigh.com
Asiamet Resources Nominated AdviserRFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Optiva Securities LimitedChristian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on twitter @AsiametTweets
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").