Asiamet Resources Limited Statement Re Private Placement
30 October 2015 - 5:01PM
UK Regulatory
TIDMARS
Asiamet Resources Financing
Highlights
-- Placement of GBP1.0 million to fund completion of a Preliminary Economic
Assessment ("PEA") on the Beruang Kanan Main ("BKM") copper deposit and
to progress various project and corporate initiatives.
-- Strong support from certain existing large shareholders and sophisticated
investors.
Asiamet Resources Limited ("ARS" or the "Company") is pleased to
announce that it plans to undertake a private placement of up to
71,428,571 common shares at a price of GBP0.014 per share for total
gross proceeds of approximately GBP1.0 million (approximately equivalent
to CDN $2.0 million at CDN $0.028 per share). The Company has received
commitments predominantly from existing shareholders and sophisticated
investors for 71,428,571 common shares to be issued and settled in
CREST. The participating investors include clients of the Company's UK
broker agents, Optiva Securities Limited.
It is intended that the proceeds of the private placement will be used
to fund:
-- A Preliminary Economic Assessment ("PEA") on the Company's Beruang Kanan
Main copper deposit ("BKM") within the Company's KSK Contract of Work in
Kalimantan, Indonesia.
-- Progress conversion of the Company's Beutong and Jelai exploration
licences to exploitation licences.
-- Corporate initiatives relating to the Company's current project portfolio,
and general working capital purposes.
Asiamet Resources CEO Tony Manini commented:
"We are delighted by the support shown by existing and new shareholders
as we progress the BKM project through the development cycle. Having
recently completed the Resource update for BKM the focus of our work
immediately moves to the PEA which is expected to be completed in early
2016. This is an exciting time for Asiamet and we look forward to
reporting on the various individual elements of the PEA as they become
available, together with progress on the conversion of our licences and
various corporate initiatives aimed at adding value for shareholders. A
strong ongoing news flow can be expected"
Placement Details
The private placement is subject to compliance with applicable
securities laws and to the receipt of regulatory approval. Insiders may
participate in the private placement and the Company will pay broker
fees in connection with the private placement in accordance with the
policies of the TSX Venture Exchange. The private placement will not be
conducted in North America and the shares placed will be settled through
CREST and as such the TSX Venture Exchange has granted a discretionary
waiver to its minimum pricing rules.
The Company will pay fees to brokers who introduced the Company to
private placement investors with the policies of the TSX Venture
Exchange.
The placement shares will be fully paid and will rank pari passu in all
respects with the existing common shares in the Company. Application has
been made for the placement shares to be admitted to trading on AIM
("Admission") and to be listed on the TSX Venture Exchange. It is
expected that Admission will become effective and that dealings in the
placement shares will commence on November 4, 2015. The total number of
common shares in issue following completion of the placement will be
574,597,071.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
-Ends-
For further information please contact:
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi/ Mehrdad Yousefi
Telephone: +44 (0) 7704 974784
Email: Sasha@flowcomms.com / Mehrdad@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
United States Advisory
The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), have been offered and sold outside the
United States to eligible investors pursuant to Regulation S promulgated
under the U.S. Securities Act, and may not be offered, sold, or resold
in the United States or to, or for the account of or benefit of, a U.S.
Person (as such term is defined in Regulation S under the United States
Securities Act) unless the securities are registered under the U.S.
Securities Act, or an exemption from the registration requirements of
the U.S. Securities Act is available. Hedging transactions involving the
securities must not be conducted unless in accordance with the U.S.
Securities Act. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in the state in the United States in which
such offer, solicitation or sale would be unlawful.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
HUG#1962801
http://www.asiametresources.com
(END) Dow Jones Newswires
October 30, 2015 02:01 ET (06:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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