REG - Asiamet Resources Ld - Successful Completion of US$3.55 million Raise

Asiamet ResourcesAnnouncement

18/10/2024 17:00

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RNS Number : 8301I  Asiamet Resources Limited  18 October 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA,
CANADA, SOUTH AFRICA OR JAPAN, OR ANY MEMBER STATE OF THE EEA, OR ANY OTHER
JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE
A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE
IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF ASIAMET RESOURCES
LIMITED.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT (THE "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 UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON PUBLICATION OF
THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.

 

18 October 2024

ASIAMET RESOURCES LIMITED

("Asiamet" or the "Company")

Successful Completion of US$3.55 million Fund Raise

Asiamet Resources Limited is pleased to announce that the Company has raised a
further US$0.260 million through a retail offering via BookBuild (the "Retail
Offer"), as announced on 15 October 2024, and additional subscriptions from
new and existing shareholders, placing, in aggregate, 26,043,245 new common
shares of US$0.01 each in the capital of the Company ("Common Shares") at an
issue price of US$0.01 (0.77 pence) per share (the "Issue Price"), to raise
US$0.260 million (£0.2 million) gross.

This follows the Company's announcement on 15 October 2024 of the US$3.0
million subscription with its major shareholder, PT Delta Dunia Makmur Tbk.
("DOID"), and the US$0.295 million subscription by certain members of the
Board and management team (together, the "Subscription"). A total of
329,500,000 new Common Shares are being issued pursuant to the Subscription
(the "Subscription Shares").

The Company has also issued an additional 3,767,000 new Common Shares at a
price of US$0.01 per share ("Consultant Share Issue") to various consultants
as settlement of fees for the provision of services.

The total number of new Common Shares to be issued via the Subscription,
Retail Offer and Consultants Share Issue is therefore 359,360,245 (the "New
Common Shares").

Use of Proceeds

The net proceeds of the Retail Offer, together with the net proceeds from the
Subscription, will deliver the final optimisation milestones for the BKM
project with a particular focus on significantly reducing the project's
initial construction capital cost prior to project financing.

The optimisation programme aims to reduce upfront capital costs by US$50-80
million from the US$235.4 million reported in the 2023 Feasibility Study,
building on the US$26 million of savings already identified.

Importantly completion of this work will enable the Company to progress
project financing to an advanced stage with a lead bank and progress
additional financing options such as copper cathode offtake finance.

Strategic Timing and Copper Market Thematic

Asiamet is ideally positioned to capitalise on the growing demand for copper,
with the copper market forecast to face a supply side deficit driven by the
accelerating shift towards renewable energy and electrification. Copper is
critical to this energy transition, and the Company's progress on the BKM
copper project comes at a time of strong market fundamentals.

Substantial news flow is expected over the ensuing six months with project
financing being key to unlocking value for the Company.

Near-Term News Flow

Investors can expect the following key milestones in the near term:

·      Q4 2024:  Completion of optimisation work with updated detailed
engineering.

·      Q1 2025: Project debt financing materially advanced with
preferred bank (s), advanced discussions ongoing with project execution
partners.

·      Early Works: Early construction activities, including road access
upgrades and camp construction, will begin following project financing. 1 
(#_ftn1)

·      First Copper Production: The project remains on track to deliver
first copper by 2027, with further updates to follow.(1)

Darryn McClelland, Chief Executive Officer, commented:

"With the completion of the private placement to DOID, subscription by
directors and management and support from long term shareholders and
importantly our retail shareholders, Asiamet is well-positioned to complete
the final optimisation works for the BKM copper project and significantly
advance financing for mine development.

The strategic imperative for the Company is to continue to deliver on our core
objectives as we move into what will be a transformative phase for the
Company.

We look forward to updating the market with the results of the optimisation
process before the end of the year and this will be the basis on which we head
into financing discussions.  We expect news flow to increase leading out of
the engineering optimisation to drive sustained positive momentum for Asiamet
as we move towards securing project financing."

Admission and Total Voting Rights

Application for the admission to trading on AIM of the 359,360,245 New Common
Shares is being made and is expected to occur at 8.00 a.m. on or around 28
October 2024 ("Admission"). Following Admission, the Company's issued ordinary
share capital will comprise 2,953,442,174 Ordinary Shares. From Admission, the
figure of 2,953,442,174 may be used by Shareholders in the Company 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 and Transparency
Rules.

 

For further information, please contact:

 Darryn McClelland                                             Tony Manini
 Chief Executive Officer, Asiamet Resources Limited            Chairman, Asiamet Resources Limited

Email: darryn.mcclelland@asiametresources.com

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

                                                             (mailto:tony.manini@asiametresources.com)

 Investor Enquiries                                            Nominated & Financial Adviser

 Sasha Sethi                                                   Strand Hanson Limited

 Telephone: +44 (0) 7891 677 441                               James Spinney / James Dance / Rob Patrick

 Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com)       Telephone: +44 20 7409 3494

            info@asiametresources.com                          Email: asiamet@strandhanson.co.uk (mailto:asiamet@strandhanson.co.uk)
 (mailto:info@asiametresources.com)
 Broker

 Optiva Securities Limited

 Christian Dennis

 Telephone: +44 20 3137 1903

 Email: Christian.Dennis@optivasecurities.com
 (mailto:Christian.Dennis@optivasecurities.com)

 

IMPORTANT NOTICES

The content of this announcement has been prepared by, and is the sole
responsibility of, the Company.

This announcement and the information contained herein is restricted and is
not for publication, release or distribution, directly or indirectly, in whole
or in part, in or into or from the United States (including its territories
and possessions, any state of the United States and the District of Columbia
(the "United States" or "US")), Australia, Canada, Japan, New Zealand, the
Republic of South Africa or any other jurisdiction where to do so might
constitute a violation of the relevant laws or regulations of such
jurisdiction.

The Retail Offer Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "US Securities Act") or under the
applicable securities laws of any state of the United States and may not be
offered or sold, directly or indirectly, in or into the United States or to or
for the account or benefit of any US person (within the meaning of Regulation
S under the US Securities Act) (a "US Person"). No public offering of the
Retail Offer Shares is being made in the United States. The Retail Offer
Shares are being offered and sold outside the United States in "offshore
transactions", as defined in, and in compliance with, Regulation S under the
US Securities Act. In addition, the Company has not been, and will not be,
registered under the US Investment Company Act of 1940, as amended.

This announcement does not constitute an offer to sell or issue or a
solicitation of an offer to buy or subscribe for Retail Offer Shares in the
United States, Australia, Canada, Japan, New Zealand the Republic of South
Africa or any other jurisdiction in which such offer or solicitation is or may
be unlawful. No public offer of the securities referred to herein is being
made in any such jurisdiction.

The distribution of this announcement may be restricted by law in certain
jurisdictions and persons into whose possession any document or other
information referred to herein comes should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

Optiva Securities Limited ("Optiva"), which is authorised and regulated in the
United Kingdom by the FCA is acting exclusively for the Company and no-one
else in connection with the transactions and arrangements described in this
announcement and will not regard any other person (whether or not a recipient
of this announcement) as a client in relation to the transactions and
arrangements described in this announcement. Optiva is not responsible to
anyone other than the Company for providing the protections afforded to
clients of Optiva or for providing advice in connection with the contents of
this announcement, or the transactions and arrangements described in this
announcement.

The Retail Offer Coordinator, which is authorised and regulated in the United
Kingdom by the FCA is acting exclusively for the Company and no-one else in
connection with the transactions and arrangements described in this
announcement and will not regard any other person (whether or not a recipient
of this announcement) as a client in relation to the transactions and
arrangements described in this announcement. The Retail Offer Coordinator is
not responsible to anyone other than the Company for providing the protections
afforded to clients of the Retail Offer Coordinator or for providing advice in
connection with the contents of this announcement, or the transactions and
arrangements described in this announcement.

Strand Hanson Limited ("Strand"), which is authorised and regulated in the
United Kingdom by the FCA, is acting as nominated adviser to the Company for
the purposes of the AIM Rules and no-one else in connection with the
transactions and arrangements described in this announcement and will not be
responsible to any other person (whether or not a recipient of this
announcement) as a client in relation to the transactions and arrangements
described in this announcement. Strand is not responsible to anyone, other
than the Company, for providing the protections afforded to clients of Strand
or for providing advice in connection with the contents of this announcement
or the transactions and arrangements described herein. Strand's
responsibilities as the Company's nominated adviser under the AIM Rules for
Nominated Advisers published by the London Stock Exchange plc are owed solely
to the London Stock Exchange plc and are not owed to the Company or to any
director or to any other person.

The value of Common Shares and the income from them is not guaranteed and can
fall as well as rise due to stock market movements. When you sell your
investment, you may get back less than you originally invested. Figures refer
to past performance and past performance is not a reliable indicator of future
results. Returns may increase or decrease as a result of currency
fluctuations.

Certain statements in this announcement are forward-looking statements which
are based on the Company's expectations, intentions and projections regarding
its future performance, anticipated events or trends and other matters that
are not historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "intend", "estimate", "expect"
and words of similar meaning, include all matters that are not historical
facts. These forward-looking statements involve risks, assumptions and
uncertainties that could cause the actual results of operations, financial
condition, liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from the
impression created by the forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Given those risks and uncertainties, prospective investors are cautioned not
to place undue reliance on forward-looking statements.

These forward-looking statements speak only as at the date of this
announcement and cannot be relied upon as a guide to future performance. The
Company, the Retail Offer Coordinator and Optiva expressly disclaim any
obligation or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the assumptions,
conditions or circumstances on which any such statements are based unless
required to do so by the FCA, London Stock Exchange plc or applicable law.

The information in this announcement is for background purposes only and does
not purport to be full or complete. None of Optiva, the Retail Offer
Coordinator or any of their respective affiliates, accepts any responsibility
or liability whatsoever for, or makes any representation or warranty, express
or implied, as to this announcement, including the truth, accuracy or
completeness of the information in this announcement (or whether any
information has been omitted from the announcement) or any other information
relating to the Company or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made available or for
any loss howsoever arising from any use of the announcement or its contents or
otherwise arising in connection therewith. Optiva, the Retail Offer
Coordinator and their affiliates, accordingly disclaim all and any liability
whether arising in tort, contract or otherwise which they might otherwise be
found to have in respect of this announcement or its contents or otherwise
arising in connection therewith.

Any indication in this announcement of the price at which the Common Share
have been bought or sold in the past cannot be relied upon as a guide to
future performance. Persons needing advice should consult an independent
financial adviser. No statement in this announcement is intended to be a
profit forecast and no statement in this announcement should be interpreted to
mean that earnings or target dividend per share of the Company for the current
or future financial years would necessarily match or exceed the historical
published earnings or dividends per share of the Company.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this announcement.
The Retail Offer Shares to be issued or sold pursuant to the Retail Offer will
not be admitted to trading on any stock exchange other than the AIM market of
London Stock Exchange plc.

 

 1  (#_ftnref1) Subject to financing.

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