REG - Asiamet Resources Ld - US$3.3 million Subscription
15/10/2024 14:30
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RNS Number : 2837I Asiamet Resources Limited 15 October 2024
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND
POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA),
CANADA, AUSTRALIA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY
OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE
IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") IS
DEEMED BY THE GROUP 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.
15 October 2024
Asiamet Resources Limited
US$3.3 million Subscription
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to announce
it has raised a total of approximately US$3.3 million (£2.5 million),
comprising a US$3.0 million subscription by PT Delta Dunia Makmur Tbk.
("DOID") and US$0.295 million of subscriptions by certain members of the Board
and Management team (together, the "Subscription"). Pursuant to the
Subscription, a total of 329,500,000 new common shares of US$0.01 each
("Common Shares") will be issued at a price of US$0.01 (approximately 0.77
pence) per share (the "Issue Price").
Highlights of this Subscription include:
· Strategic shareholder, DOID, increasing its equity interest from
c.35.4% to c.40.9% 1 (#_ftn1)
· Certain Asiamet Directors and Management subscribing for US$0.295
million
Net proceeds of the Subscription will be utilised to deliver the final
pre-project financing milestones for the Company's BKM copper project (and for
general working capital purposes) which include:
· Completion of optimisation studies targeting US$50-80 million in
upfront capital cost savings from the US$235.4 million reported in the 2023
Feasibility Study. As of 22 August 2024, approximately US$26 million of
savings have already been identified. Further optimisation programme results
are due shortly.
· Revised capital and operating cost estimates leading to updates of
the project financial metrics including project CAPEX, NPV, IRR etc.
Completing these milestones will enable the Company to advance debt financing
discussions for the BKM copper project with its preferred bank(s) and refine
additional financing options such as offtake financing.
Darryn McClelland, Chief Executive Officer of Asiamet, commented:
"We recognise that our development journey has taken considerably longer than
we had planned. This funding round allows us to complete the project
optimisation this year and marks a pivotal final push to secure the financing
required to take the project into the mine construction stage.
Following on from the savings made to date, we expect a substantially lower
upfront capital cost to be delivered and to be in a strong position to advance
through lender due diligence and project finance approvals.
As the Company focuses on securing the full financing package necessary to
ready the project for mine construction, the ongoing support from DOID, our
largest shareholder, is highly valued.
Given the strong fundamentals of the copper market and Asiamet's position as
one of the very few companies with advanced copper development projects in
Asia, we believe this is a critical moment that will unlock substantial value.
With exceptional additional resource development opportunities in our
portfolio at both KSK and Beutong, and this final push into financing for BKM,
we are soon going to be exceptionally well-positioned to deliver long-term
growth at a crucial time in the market."
Ronald Sutardja, President Director of DOID, commented:
"We continue to support Asiamet as it continues to advance the important BKM
Copper project through the next stages of engineering and financing. Copper
remains an important strategic metal and is central to the energy transition.
Our teams are working closely with the Company to ensure its every success,
and this placement further demonstrates DOID's commitment."
The Subscription
DOID has subscribed for 300,000,000 new Common Shares pursuant to the
Subscription ("DOID Shares") at the Issue Price, raising US$3 million gross
proceeds.
Tony Manini, a Director and Chairman of the Company, Bruce Sheng, a
Non-Executive Director of the Company and Darryn McClelland, Chief Executive
Officer of the Company, have agreed to subscribe for, in aggregate, 29,550,000
new Common Shares pursuant to the Subscription (together with the DOID Shares,
the "Subscription Shares") at the Issue Price, raising US$295,500.
On Admission, the shareholdings of the Directors/PDMRs participating in the
Subscription will be as follows:
Director/PDMR Existing Common Shares Held Subscription Shares Total Shareholding post Subscription Percentage of enlarged share capital
Tony Manini 57,899,138 6,700,000 64,599,138 2.21%
Bruce Sheng 125,713,633 19,500,000 145,213,633 4.97%
Darryn McClelland 23,275,484 3,350,000 26,625,484 0.91%
Related Party Transactions
DOID is a substantial shareholder of the Company. DOID's participation in the
Subscription is therefore deemed to be a related party transaction under AIM
Rule 13 (the "DOID Subscription"). In addition, the participation of Tony
Manini, Bruce Sheng and Darryn McClelland in the Subscription is deemed to be
a related party transaction under AIM Rule 13 (the "Management Subscription"
and, together with the DOID Subscription, the "RPTs").
Accordingly, the directors of the Company who are independent for the purposes
of the Subscription (being Dominic Heaton and Eva Armila), consider, having
consulted with Strand Hanson, in its capacity as the Company's nominated
adviser, that the terms of the Related Party Transactions are fair and
reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
The Company will issue, in aggregate, 329,500,000 Subscription Shares pursuant
to the Subscription at the Issue Price, raising gross proceeds of c. US$3.3
million (£2.5 million).
The Subscription is subject to, inter alia, admission of the Subscription
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
329,500,000 Subscription Shares to trading on AIM, which is expected to occur
at 8:00 a.m. (BST) on or around 28 October 2024 ("Admission").
Following Admission, the Company's issued common share capital will comprise
2,923,631,929 Common Shares. From Admission, the figure of 2,923,631,929 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.
Note: for the purposes of this announcement figures have been calculated based
on an exchange rate of US$1.30=£1.00
Notification of Transactions of Persons Discharging Managerial Responsibility
and Persons Closely Associated with them.
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Tony Manini
2. Reason for the notification
a. Position/status Chairman, Director
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Asiamet Resources Limited
b. LEI 213800PWJMT1NG28TA88
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification Common Shares of par value US$0.01 each
code
BM04521V1038
b. Nature of the transaction Purchase of common shares
c. Price(s) and volume(s) Price(s) Volume(s)
US$0.01/share 6,700,000
d. Aggregated information
· Aggregated volume n/a single transaction
· Price
e. Date of the transaction 15 October 2024
f. Place of the transaction London Stock Exchange
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Bruce Sheng
2. Reason for the notification
a. Position/status Non-Executive Director
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Asiamet Resources Limited
b. LEI 213800PWJMT1NG28TA88
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification Common Shares of par value US$0.01 each
code
BM04521V1038
b. Nature of the transaction Purchase of common shares
c. Price(s) and volume(s) Price(s) Volume(s)
US$0.01/share 19,500,000
d. Aggregated information
· Aggregated volume n/a single transaction
· Price
e. Date of the transaction 15 October 2024
f. Place of the transaction London Stock Exchange
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Darryn McClelland
2. Reason for the notification
a. Position/status Chief Executive Officer
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Asiamet Resources Limited
b. LEI 213800PWJMT1NG28TA88
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification Common Shares of par value US$0.01 each
code
BM04521V1038
b. Nature of the transaction Purchase of common shares
c. Price(s) and volume(s) Price(s) Volume(s)
US$0.01/share 3,350,000
d. Aggregated information
· Aggregated volume n/a single transaction
· Price
e. Date of the transaction 15 October 2024
f. Place of the transaction London Stock Exchange
d.
Aggregated information
· Aggregated volume
· Price
n/a single transaction
e.
Date of the transaction
15 October 2024
f.
Place of the transaction
London Stock Exchange
1.
Details of the person discharging managerial responsibilities / person closely
associated
a.
Name
Bruce Sheng
2.
Reason for the notification
a.
Position/status
Non-Executive Director
b.
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a.
Name
Asiamet Resources Limited
b.
LEI
213800PWJMT1NG28TA88
4.
Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a.
Description of the Financial instrument, type of instrument Identification
code
Common Shares of par value US$0.01 each
BM04521V1038
b.
Nature of the transaction
Purchase of common shares
c.
Price(s) and volume(s)
Price(s) Volume(s)
US$0.01/share 19,500,000
d.
Aggregated information
· Aggregated volume
· Price
n/a single transaction
e.
Date of the transaction
15 October 2024
f.
Place of the transaction
London Stock Exchange
1.
Details of the person discharging managerial responsibilities / person closely
associated
a.
Name
Darryn McClelland
2.
Reason for the notification
a.
Position/status
Chief Executive Officer
b.
Initial notification/Amendment
Initial Notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a.
Name
Asiamet Resources Limited
b.
LEI
213800PWJMT1NG28TA88
4.
Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a.
Description of the Financial instrument, type of instrument Identification
code
Common Shares of par value US$0.01 each
BM04521V1038
b.
Nature of the transaction
Purchase of common shares
c.
Price(s) and volume(s)
Price(s) Volume(s)
US$0.01/share 3,350,000
d.
Aggregated information
· Aggregated volume
· Price
n/a single transaction
e.
Date of the transaction
15 October 2024
f.
Place of the transaction
London Stock Exchange
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Chairman
-Ends-
For further information, please contact:
Tony Manini Darryn McClelland
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
1 (#_ftnref1) Asiamet is incorporated in Bermuda and therefore is not
subject to the UK City Code on Takeovers and Mergers.
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