Asiamet Strengthens Balance Sheet With £3.36m Private Placement
Vox Markets
RNS Newswire
13:44, 25th March 2020

Asiamet Resources Limited (AIM: ARS FOLLOW) has completed a private placement to raise £3.36m with its strategic investor, Aeturnum Energy Pte LTD, which has become its largest shareholder at 19.9%, and various Directors and a small number of long-term supportive shareholders. 

Through the placing the Company has secured a highly supportive major strategic shareholder and significantly strengthened its balance sheet despite the challenging global market. In addition, the placing allows the Company to continue moving BKM towards development and delivering on its broader objectives. 

Director's Participation 

Antony Manini, a Director and Executive Chairman of the Company, Bruce Sheng and Faldi Ismail both Directors of the Company, have agreed to support the private placement by subscribing to shares in the Company: 

Director

Shares Subscribed

Antony Manini

11,784,444

ASIPAC

46,337,856

Faldi Ismail

8,000,000


Tony Manini, Executive Chairman commented: “Asiamet welcomes Aeturnum as a major shareholder of the Company and looks forward to working with the Company’s management to secure the terms for a KSK project level transaction and the ongoing strategic development of our broader business. 

We have been engaging with a number of groups to secure a partnership that enables Asiamet to continue building value through the ongoing development of our projects over the short, medium and long term.  We believe that AE as an emerging growth company with the vision of building a leading Asian Green Energy business based around copper and copper products, is strategically very well aligned with our drive to become a leading Asian copper producer.   

While we recognise the significant impact of this placement on the Company's share structure, these are particularly challenging times for junior resource companies. With two of the best undeveloped copper projects in the Asian region, a sound balance sheet and a supportive strategic partner, the fundamentals for building serious value for all our stakeholders remain strong." 

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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