Asiamet Res Ltd - Strategic Investment and Development Partner
Under a non-brokered private placement to Aeturnum Energy, Directors and a small number of long term supportive shareholders, the Company has issued 373,399,456 new common shares of par value
· Secures a new highly supportive major shareholder and enables the Company to continue moving BKM towards development and delivering on its broader strategic objectives.
· Asiamet has granted a 60 day exclusivity period (extendable by Agreement) to allow AE further time to complete its technical and commercial due diligence for a project level investment in relation to the KSK project
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."
Proceeds of the Placing
Further details of this strategic initiative are as follows;
· Partnering with a strategically aligned emerging growth company with the vision of building a leading Asian "Green Energy" business
· Placement significantly strengthens Asiamet financial position in the current challenging economic environment and enables the Company to continue building value and driving its business forward when other copper development projects are being placed on hold
· Exclusivity Period allows both Companies to assess an asset level transaction to create long term value for all stakeholders
· Funding will allow Asiamet to proceed and finalise various key objectives including:
o Drilling of the four high priority targets near proposed BKM infrastructure to increase the current nine year mine life at the BKM copper project
o Continue value enhancement initiatives to uplift the robust economics delivered in the BKM Feasibility Study
o Advance to completion the permitting activities for the BKM copper project with particular focus on the Pinjam Pakai, forestry 'Borrow and Use Permit'
o Community and stakeholder engagement activities at both KSK and Beutong projects
· The Company remains debt free allowing significant flexibility with respect to future options.
In addition, the Company is in the process of completing the relocation of its corporate head office function from
About Aeturnum Energy
Aeturnum Energy is one of the fastest growing independent energy firms in the world, delivering bespoke energy solutions to over 100 trading partners globally. Partners include some of the most reputable companies in the energy industry, ranging from oil majors to international traders and national oil companies.
AE works collaboratively with suppliers and customers to provide integrated trading products and logistics solutions and financing services to market participants, connecting international upstream suppliers to downstream customers across
With a solid financial track record, AE has proven strong relationships with internationally recognised financial institutions and large commercial Asian banks including the likes of Societe Generale,
AE has a strategic vision to be the Asian leader in green energy.
Placement details and Voting Rights
The Company has successfully placed 373,399,456 Placing Shares, raising proceeds of approximately
The Placing is conditional upon, inter alia, Admission of the Placing Shares to trading (which will be issued and settled in CREST to the extent possible) on AIM. Application will be made for Admission, which is expected to occur by
Following Admission, the Company's issued ordinary share capital will comprise 1,474,267,533 common shares. From Admission, the figure of 1,474,267,533 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
Note: for the purposes of this announcement figures have been calculated based on an exchange rate of
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On Admission, the shareholdings of
Holding of common shares
Percentage of Enlarged Share Capital
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ON BEHALF OF THE BOARD OF DIRECTORS
Telephone: +61 3 8644 1300
Email: [email protected]
Telephone: +44 (0) 7891 677 441
Email: [email protected]
Asiamet Resources Nominated Adviser
Telephone: +61 8 9480 2500
Telephone: +44 20 3753 3142
Telephone: +44 7773 322679
Telephone: +44 20 3137 1903
Email: [email protected]
The information contained in this Announcement does not constitute an offering of securities for sale in
This Announcement does not constitute a prospectus or prospectus equivalent document for the purposes of the prospectus rules and has not been, and will not be, approved by, or filed with, the Financial Conduct Authority ("
This Announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", or other words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, economic and business conditions, the effects of continued volatility in credit markets, market-related risks such as changes in the price of commodities or changes in interest rates and foreign exchange rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigation or regulatory investigations, the success of future explorations, acquisitions and other strategic transactions and the impact of competition. A number of these factors are beyond the Company's control. As a result, the Company's actual future results may differ materially from the plans, goals, and expectations set forth in the Company's forward-looking statements. Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made. Except as required by the
This Announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a
This information is provided by RNS, the news service of the
Quick facts: Asiamet Resources
Market Cap: £37.43 m
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