16th Oct 2024 07:45
Asiamet Resources Ltd - copper mine development in Indonesia - Raises USD3.3 million through a USD3.0 million subscription by PT Delta Dunia Makmur Tbk and a further USD295,000 in subscriptions from members of the company's management team. This has increased Delta Dunia Makmur's equity interest in Asiamet to 41% from 35%. Asiamet Resources issues 329.5 million new shares at USD0.01 each. The company hopes to raise up to a further USD783,000 from a retail offer at the same price.
Chief Executive Officer Darryn McClelland says: "We recognise that our development journey has taken considerably longer than 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."
Current stock price: 0.75 pence for GBP19.5 million market capitalisation
12-month change: down 21%
By Emily Parsons, Alliance News reporter
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