Asiamet plans placement for Kalimantan project

By Ruli Setiawan

Asiamet Resources Limited (ARS), an AIM and TSX-V listed mining junior, announced on Friday It plans to undertake a private placement of up to 71,428,571 common shares at a price of ?0.014 per share for total gross proceeds of approximately ?1.0 million to fund completion of a Preliminary Economic Assessment (PEA) on the Beruang Kanan Main (BKM) copper deposit in Central Kalimantan and and to progress various project and corporate initiatives

The company said it has received commitments predominantly from existing shareholders and sophisticated investors for 71,428,571 common shares to be issued and settled in CREST. The participating investors include clients of the company's UK broker agents, Optiva Securities Limited.

Aside from financing PEA on the BKM deposit, the firm will use the funds for progress conversion of the company's Beutong and Jelai exploration licenses to exploitation licenses and corporate initiatives relating to the company's current project portfolio, and general working capital purposes.

Asiamet Resources CEO Tony Manini commented: "We are delighted by the support shown by existing and new shareholders as we progress the BKM project through the development cycle. Having recently completed the Resource update for BKM the focus of our work immediately moves to the PEA which is expected to be completed in early 2016. This is an exciting time for Asiamet and we look forward to reporting on the various individual elements of the PEA as they become available, together with progress on the conversion of our licences and various corporate initiatives aimed at adding value for shareholders. A strong ongoing news flow can be expected"

Editing by Johannes Simbolon