TIDMARS
RNS Number : 5270T
Asiamet Resources Limited
15 November 2023
15 November 2023
PT Delta Dunia Makmur Increases Strategic Interest via c.US$4.0
million Financing
Asiamet Resources Limited ("Asiamet" or the "Company") is
pleased to announce a c.US$4.0 million (GBP3,302,019) non-brokered
private placement to PT Delta Dunia Makmur Tbk. ("DOID") (the
"Placement"), through the issue of 366,891,000 new common shares of
US$0.01 each ("Common Shares") at an issue price of 0.9 pence per
share (the "Issue Price").
Supporting this Placement, Asiamet's CEO, Darryn McClelland, has
subscribed for 4,000,000 new Common Shares on the same terms as the
Placement (the "Subscription").
The pricing terms of the Placement were agreed as a 5.3%
discount to the 10-day VWAP, ending 26 October 2023. Net proceeds
of the Placement and Subscription will be used to advance the BKM
copper project and for general working capital.
Following the completion of the Placement, DOID will be
interested in approximately 34.5% of the Company's issued share
capital. Asiamet is incorporated in Bermuda and therefore not
subject to the UK City Code on Takeovers and Mergers.
The Company's Board (excluding directors appointed by DOID),
have approved the Placement and the Subscription.
Ronald Sutardja, President Director (DOID), commented:
"We continue to support Asiamet as it continues to advance the
important BKM Copper project through the next stages of financing
and engineering. Copper remains an important strategic metal and is
central to the energy transition initiative. Our various teams are
working closely with the Company to ensure it every success. This
placement supports that commitment by DOID."
Darryn McClelland, Chief Executive Officer of Asiamet,
commented:
"DOID'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.
Having one of the few pre-construction copper projects in Asia,
coupled with exceptional resource development opportunities at both
KSK and Beutong, I have elected to support the fundraise with DOID
on the same terms."
Admission and Total Voting Rights
The Company will issue, in aggregate, 370,891,000 new Common
Shares (the "Fundraise Shares") at the Issue Price, raising net
proceeds of c.US$4.043 million (GBP3,338,019).
The Placement and Subscription are subject to, inter alia,
admission of the Fundraise Shares to trading on AIM (which are
expected to be issued and settled in CREST to the extent possible).
Application will be made for the admission of the Fundraise Shares
to trading on AIM, which is expected to occur at 8:00 a.m. (GMT) on
or around 24 November 2023 ("Admission").
Following Admission, the Company's issued ordinary share capital
will comprise 2,594,081,929 Common Shares. From Admission, the
figure of 2,594,081,929 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Related Party Transactions
DOID is a substantial shareholder of the Company and Darryn
McClelland is a Person discharging managerial responsibilities
(PDMR). The Placement and the Subscription are each deemed to be a
related party transaction under AIM Rules for Companies Rule 13.
Accordingly, the directors of the Company who are independent for
the purposes of the Placement and Subscription (being all the
directors save for DOID nominees), consider, having consulted with
the Company's nominated adviser, that the terms of the Placement
and Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Note: for the purposes of this announcement figures have been
calculated based on an exchange rate of US$1.21138=GBP1.00
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
-Ends-
For further information, please contact:
Tony Manini Darryn McClelland
Executive Chairman, Asiamet Resources Chief Executive Officer, Asiamet
Limited Resources Limited
Email: tony.manini@asiametresources.com Email: darryn.mcclelland@asiametresources.com
Investor Enquiries Broker
Sasha Sethi Optiva Securities Limited
Telephone: +44 (0) 7891 677 441 Christian Dennis
Email: Sasha@flowcomms.com / info@asiametresources.com Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Nominated & Financial Adviser
Strand Hanson Limited
James Spinney / James Dance / Rob
Patrick
Email: asiamet@strandhanson.co.uk
Follow us on twitter @AsiametTweets
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEGLBDBCSBDGXU
(END) Dow Jones Newswires
November 15, 2023 02:00 ET (07:00 GMT)
Asiamet Resources (LSE:ARS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Asiamet Resources (LSE:ARS)
Historical Stock Chart
From Apr 2023 to Apr 2024
