Asiamet Resources closes private placement

By Romel S. Gurky

TSX-listed Asiamet Resources Limited announced Friday that it has closed a brokered private placement announced on October 30, 2015.

The company said in a statement it has issued and settled through CREST 71,428,571common shares at a price of ?0.014 per share for total gross proceeds of ?1.0million (approximately equivalent to CDN $2.0 million at CDN $0.028 per share).

The Company paid an aggregate of ?33,369 in fees to the broker and issued 1,874,364 common shares purchase warrants to the broker with each warrant exercisable at a price of C$0.05 per share for a period of two years. The participating investors include clients of the company's UK broker agent, Optiva Securities Limited.

The common shares issued and any common shares issued on exercise of the broker warrants are restricted from trading in Canada through the TSX Venture Exchange until March 6, 2016.

The firm said the proceeds of the private placement will be used to fund the continuation of the company's 2015 infill and expansion drilling at the Beruang Kanan prospect within the KSK Contract of Work in Kalimantan, on progressing conversion of the company's Beutong Izin Usaha Pertambangan (IUP) mining business permit from an exploration IUP to an exploitation IUP, and for general working capital purposes.

The placement shares will be fully paid and will rank paripassu 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 November 5, 2015. The total number of common shares in issue following completion of the placement will be 574,597,071.

Editing by Reiner Simanjuntak