Asiamet Resources Limited Asiamet Bought Deal Private Placement To Fund Feasibility Study
December 06 2016 - 1:00AM
UK Regulatory
TIDMARS
Asiamet Resources Limited (the "Company") is pleased to announce that
through clients of Optiva Securities Limited and existing shareholders,
including certain insiders, the Company has received commitments to
purchase 86,956,521 common shares at a price of GBP0.023 per share for
total gross proceeds of approximately GBP2 million (approximately
equivalent to CDN 3.4 million at CDN $0.04 per share). The offering is
a brokered private placement and the common shares will be issued and
settled in CREST.
Asiamet Resources CEO Tony Manini commented:
"Over the past 18 months very significant progress has been made in
de-risking the Asiamet assets and advancing the Company from pure
explorer to potential developer status. Supported by the excellent
technical results received to date, our highly experienced team are well
positioned to deliver the feasibility study for our flagship BKM
("Beruang Kanan Main") project in 2017.
Globally there are very few listed junior companies with a high quality
development-ready copper project at a time when the copper market is
widely predicted to move into a structural supply deficit over the next
2-3 years. By advancing the BKM feasibility study through the
development curve using the proceeds of the placement, Asiamet will be
very well positioned to take advantage of the forecast increase in
copper prices associated with this predicted supply deficit, and a
rising level of investor and strategic interest in gaining exposure to
copper producers and developers.
As copper prices have begun to lift from their cyclical low point, we
have already seen much higher levels of inbound interest in our Company
and projects from a variety of institutional investors, private equity
groups, copper traders and end users, and other mining companies.
Asiamet is now in a solid financial position to continue de-risking the
BKM project and advancing options for funding the project and Company
through its next stage of development.
Many of Asiamet's loyal and highly supportive shareholders have added to
their investment in the Company, and we have also introduced several new
sophisticated investors with a strong understanding of the mining
development cycle and the significant value that can be attained from
investing at this crucial stage of the development curve.
We look forward to building on the strong momentum established over the
past year with a continued flow of news from the ongoing feasibility
work program at BKM, strategic initiatives relating to partnering and
funding, and from de-risking and advancing the Beutong and Jelai
projects."
Placing Details
The placement shares will be fully paid and will rank pari passu in all
respects with the existing common shares in the Company. Application
has been made for the placement shares to be admitted to trading on AIM
("Admission") and to be listed on the TSX Venture Exchange. It is
expected that Admission will become effective and that dealings in the
placement shares will commence on or around December 20, 2016. The
total number of common shares in issue following completion of the
placement will be 709,940,689.
The private placement is subject to compliance with applicable
securities laws and to the receipt of regulatory approval. The Company
will pay broker fees in connection with the private placement in
accordance with the policies of the TSX Venture Exchange. The private
placement will not be conducted in North America and the shares placed
will be settled through CREST.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
United States Advisory
The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), have been offered and sold outside the
United States to eligible investors pursuant to Regulation S promulgated
under the U.S. Securities Act, and may not be offered, sold, or resold
in the United States or to, or for the account of or benefit of, a U.S.
Person (as such term is defined in Regulation S under the United States
Securities Act) unless the securities are registered under the U.S.
Securities Act, or an exemption from the registration requirements of
the U.S. Securities Act is available. Hedging transactions involving the
securities must not be conducted unless in accordance with the U.S.
Securities Act. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in the state in the United States in which
such offer, solicitation or sale would be unlawful.
This news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others:
the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to
be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
http://www.asiametresources.com
(END) Dow Jones Newswires
December 06, 2016 02:00 ET (07:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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