REG - Asiamet Resources Ld - Strategic c.US$4.0 million Financing

Asiamet ResourcesAnnouncement

15/11/2023 07:15

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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 (£3,302,019) 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 (£3,338,019).

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=£1.00

 

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 Limited                           Chief Executive Officer, Asiamet Resources Limited

Email: tony.manini@asiametresources.com
Email: darryn.mcclelland@asiametresources.com
 (mailto:tony.manini@asiametresources.com)                               (mailto:darryn.mcclelland@asiametresources.com)
 Investor Enquiries                                                      Broker

 Sasha Sethi                                                             Optiva Securities Limited

                                                                       Christian Dennis
 Telephone: +44 (0) 7891 677 441

                                                                       Telephone: +44 20 3137 1903
 Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com) /

 info@asiametresources.com                                               Email: Christian.Dennis@optivasecurities.com
                                                                         (mailto:Christian.Dennis@optivasecurities.com)
 Nominated & Financial Adviser
 Strand Hanson Limited

 James Spinney / James Dance / Rob Patrick

 Email: asiamet@strandhanson.co.uk (mailto:asiamet@strandhanson.co.uk)

Follow us on twitter @AsiametTweets

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