TIDMARS
RNS Number : 5415H
Asiamet Resources Limited
25 March 2020
25 March 2020
Asiamet Secures Strategic Investment and Development Partner
Asiamet Resources Limited ("Asiamet" or the "Company") is
pleased to announce that Singapore based commodities trader and
strategic investor, Aeturnum Energy Pte LTD ("Aeturnum Energy" or
"AE") has partnered with the Company to become its largest
shareholder (19.9%).
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
US$0.01 each in (the "Placing Shares") at a price of 0.9 pence per
share (the "Issue Price") to raise approximately GBP3.36
million.
Highlights:
-- Singapore based commodities trader and strategic investor,
Aeturnum Energy Pte LTD to become a 19.9% shareholder in
Asiamet
-- GBP3.36 (US$3.89) million private placement significantly
strengthens Asiamet financial position in a highly challenging
market environment
-- 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
-- GBP0.67 million investment from Asiamet Directors and other
long-term investors. Asipac to lift its shareholding interest from
6.71% to 8.16%
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."
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 Melbourne,
Australia to Jakarta, Indonesia.
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 Asia.
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, ING, Standard Chartered Bank, Citibank, China
Citic Bank, Habib Bank, Industrial and Commercial Bank of China
(ICBC), etc.
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 GBP3,360,595 million
(US$3,898,290)
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 8.00 a.m. on 30 March 2020
("Admission").
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 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$1.16=GBP1.00
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 as per the table below:
Director Shares Subscribed
Antony Manini 11,784,444
------------------
ASIPAC(#) 46,337,856
------------------
Faldi Ismail 8,000,000
------------------
(#) Bruce Sheng is subscribing to shares through ASIPAC Capital
Pty Ltd where he is a director.
On Admission, the shareholdings of Antony Manini, Bruce Sheng
and Faldi Ismail will be as follows:
Director Holding of common Percentage of Enlarged
shares Share Capital
Antony Manini 45,676,627 3.10%
------------------ -----------------------
ASIPAC 120,242,576 8.16%
------------------ -----------------------
Faldi Ismail 14,642,744 0.99%
------------------ -----------------------
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Chairman
-Ends-
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited - Investor Relations
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com /
Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com /
Detlir.Elezi@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Clayton.Bush @Liberum.co
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
IMPORTANT INFORMATION
The information contained in this Announcement does not
constitute an offering of securities for sale in the United States
of America and no securities have been or will be registered under
the United States Securities Act 1933, as amended (the "Securities
Act") or under the securities laws of any state or other
jurisdiction in the United States of America nor will they qualify
for distribution under any of the relevant securities laws of
Australia (other than to "Sophisticated Investors"(as defined in
Section 708(8) of the Australian Corporations Act 2001) or
"Professional Investors"(as defined in Section 708(11) of the
Australian Corporations Act 2001)), Canada, Japan or the Republic
of South Africa, nor has any prospectus in connection with the
securities been lodged with or registered by the Australian
Securities and Investments Commission. The securities may not be
offered or sold in the United States of America. This announcement
is not for distribution directly or indirectly in or into the
United States of America, Australia (other than to "Sophisticated
Investors"(as defined in Section 708(8) of the Australian
Corporations Act 2001) or "Professional Investors"(as defined in
Section 708(11) of the Australian Corporations Act 2001)), Canada,
Japan or the Republic of South Africa or in any other jurisdiction
in which such publication or distribution is unlawful.
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 ("FCA"). It does not constitute or form
part of, and should not be construed as, an offer to sell or issue,
or a solicitation of any offer of or invitation to buy or subscribe
for, any securities, nor shall it (or any part of it), or the fact
of its distribution, form the basis of, or be relied on in
connection with, or act as an inducement to enter into, any
contract or commitment whatsoever. Any failure to comply with these
restrictions may constitute a violation of the applicable
securities laws in such jurisdiction. This Announcement does not
constitute a recommendation regarding any securities.
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 FCA, the London Stock Exchange or
applicable law, the Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this Announcement to
reflect any changes in the Company's expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
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 Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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