NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED
STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY MEMBER
STATE OF THE EEA, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER
PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF
ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE
AT THE END OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES
NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR
ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE
FOR, ANY SECURITIES OF ASIAMET RESOURCES LIMITED.
THE
INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT (THE "ANNOUNCEMENT")
IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS
STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS
IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
18 October 2024
ASIAMET RESOURCES
LIMITED
("Asiamet" or the
"Company")
Successful Completion of
US$3.55 million Fund Raise
Asiamet Resources Limited is pleased
to announce that the Company has raised a further US$0.260 million
through a retail offering via BookBuild (the "Retail Offer"), as announced on 15
October 2024, and additional subscriptions from new and existing
shareholders, placing, in aggregate, 26,043,245 new common shares
of US$0.01 each in the capital of the Company ("Common Shares") at an issue price of
US$0.01 (0.77 pence) per share (the "Issue Price"), to raise US$0.260
million (£0.2 million) gross.
This follows the Company's
announcement on 15 October 2024 of the US$3.0 million subscription
with its major shareholder, PT Delta Dunia Makmur Tbk.
("DOID"), and the US$0.295
million subscription by certain members of the Board and management
team (together, the "Subscription"). A total of
329,500,000 new Common Shares are being issued pursuant to the
Subscription (the "Subscription
Shares").
The Company has also issued an
additional 3,767,000 new Common Shares at a price of US$0.01 per
share ("Consultant Share
Issue") to various consultants as settlement of fees for the
provision of services.
The total number of new Common
Shares to be issued via the Subscription, Retail Offer and
Consultants Share Issue is therefore 359,360,245 (the "New Common Shares").
Use
of Proceeds
The net proceeds of the Retail
Offer, together with the net proceeds from the Subscription, will
deliver the final optimisation milestones for the BKM project with
a particular focus on significantly reducing the project's initial
construction capital cost prior to project
financing.
The optimisation programme aims to
reduce upfront capital costs by US$50-80 million from the US$235.4
million reported in the 2023 Feasibility Study, building on the
US$26 million of savings already identified.
Importantly completion of this work
will enable the Company to progress project financing to an
advanced stage with a lead bank and progress additional financing
options such as copper cathode offtake finance.
Strategic Timing and Copper Market Thematic
Asiamet is ideally positioned to
capitalise on the growing demand for copper, with
the copper market forecast to face a supply side
deficit driven by the accelerating shift towards renewable energy
and electrification. Copper is critical to this energy transition,
and the Company's progress on the BKM copper project comes at a
time of strong market fundamentals.
Substantial news flow is expected
over the ensuing six months with project financing being key to
unlocking value for the Company.
Near-Term News Flow
Investors can expect the following
key milestones in the near term:
· Q4 2024:
Completion of optimisation work with updated
detailed engineering.
· Q1 2025:
Project debt financing materially advanced with
preferred bank (s), advanced discussions ongoing with project
execution partners.
· Early Works:
Early construction activities, including road
access upgrades and camp construction, will begin following project
financing.[1]
· First Copper
Production: The project remains on
track to deliver first copper by 2027, with further updates to
follow.1
Darryn McClelland, Chief
Executive Officer, commented:
"With the completion of the private placement to DOID,
subscription by directors and management and support from long term
shareholders and importantly our retail shareholders, Asiamet is
well-positioned to complete the final optimisation works for the
BKM copper project and significantly advance financing for mine
development.
The strategic imperative for the Company is to continue to
deliver on our core objectives as we move into what will be a
transformative phase for the Company.
We
look forward to updating the market with the results of the
optimisation process before the end of the year and this will be
the basis on which we head into financing discussions. We
expect news flow to increase leading out of the engineering
optimisation to drive sustained positive momentum for Asiamet as we
move towards securing project financing."
Admission and Total Voting Rights
Application for the admission to
trading on AIM of the 359,360,245 New Common Shares is being made
and is expected to occur at 8.00 a.m. on or around 28 October 2024
("Admission"). Following
Admission, the Company's issued ordinary share capital will
comprise 2,953,442,174 Ordinary Shares. From Admission, the figure
of 2,953,442,174 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 and Transparency Rules.
For
further information, please contact:
IMPORTANT NOTICES
The content of this announcement has
been prepared by, and is the sole responsibility of, the
Company.
This announcement and the
information contained herein is restricted and is not for
publication, release or distribution, directly or indirectly, in
whole or in part, in or into or from the United States (including
its territories and possessions, any state of the United States and
the District of Columbia (the "United States" or "US")), Australia, Canada, Japan, New
Zealand, the Republic of South Africa or any other jurisdiction
where to do so might constitute a violation of the relevant laws or
regulations of such jurisdiction.
The Retail Offer Shares have not
been and will not be registered under the US Securities Act of
1933, as amended (the "US
Securities Act") or under the applicable securities laws of
any state of the United States and may not be offered or sold,
directly or indirectly, in or into the United States or to or for
the account or benefit of any US person (within the meaning of
Regulation S under the US Securities Act) (a "US Person"). No public offering of the
Retail Offer Shares is being made in the United States. The Retail
Offer Shares are being offered and sold outside the United States
in "offshore
transactions", as defined in, and in compliance with,
Regulation S under the US Securities Act. In addition, the Company
has not been, and will not be, registered under the US Investment
Company Act of 1940, as amended.
This announcement does not
constitute an offer to sell or issue or a solicitation of an offer
to buy or subscribe for Retail Offer Shares in the United States,
Australia, Canada, Japan, New Zealand the Republic of South Africa
or any other jurisdiction in which such offer or solicitation is or
may be unlawful. No public offer of the securities referred to
herein is being made in any such jurisdiction.
The distribution of this
announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such
jurisdiction.
Optiva Securities Limited
("Optiva"), which is
authorised and regulated in the United Kingdom by the FCA is acting
exclusively for the Company and no-one else in connection with the
transactions and arrangements described in this announcement and
will not regard any other person (whether or not a recipient of
this announcement) as a client in relation to the transactions and
arrangements described in this announcement. Optiva is not
responsible to anyone other than the Company for providing the
protections afforded to clients of Optiva or for providing advice
in connection with the contents of this announcement, or the
transactions and arrangements described in this
announcement.
The Retail Offer Coordinator, which
is authorised and regulated in the United Kingdom by the FCA is
acting exclusively for the Company and no-one else in connection
with the transactions and arrangements described in this
announcement and will not regard any other person (whether or not a
recipient of this announcement) as a client in relation to the
transactions and arrangements described in this announcement. The
Retail Offer Coordinator is not responsible to anyone other than
the Company for providing the protections afforded to clients of
the Retail Offer Coordinator or for providing advice in connection
with the contents of this announcement, or the transactions and
arrangements described in this announcement.
Strand Hanson Limited ("Strand"), which is authorised and
regulated in the United Kingdom by the FCA, is acting as nominated
adviser to the Company for the purposes of the AIM Rules and no-one
else in connection with the transactions and arrangements described
in this announcement and will not be responsible to any other
person (whether or not a recipient of this announcement) as a
client in relation to the transactions and arrangements described
in this announcement. Strand is not responsible to anyone, other
than the Company, for providing the protections afforded to clients
of Strand or for providing advice in connection with the contents
of this announcement or the transactions and arrangements described
herein. Strand's responsibilities as the Company's nominated
adviser under the AIM Rules for Nominated Advisers published by the
London Stock Exchange plc are owed solely to the London Stock
Exchange plc and are not owed to the Company or to any director or
to any other person.
The value of Common Shares and the
income from them is not guaranteed and can fall as well as rise due
to stock market movements. When you sell your investment, you may
get back less than you originally invested. Figures refer to past
performance and past performance is not a reliable indicator of
future results. Returns may increase or decrease as a result of
currency fluctuations.
Certain statements in this
announcement are forward-looking statements which are based on the
Company's expectations, intentions and projections regarding its
future performance, anticipated events or trends and other matters
that are not historical facts. These forward-looking statements,
which may use words such as "aim", "anticipate", "believe",
"intend", "estimate", "expect" and words of similar meaning,
include all matters that are not historical facts. These
forward-looking statements involve risks, assumptions and
uncertainties that could cause the actual results of operations,
financial condition, liquidity and dividend policy and the
development of the industries in which the Company's businesses
operate to differ materially from the impression created by the
forward-looking statements. These statements are not guarantees of
future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Given those risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements.
These forward-looking statements
speak only as at the date of this announcement and cannot be relied
upon as a guide to future performance. The Company, the Retail
Offer Coordinator and Optiva expressly disclaim any obligation or
undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the
assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the FCA,
London Stock Exchange plc or applicable law.
The information in this announcement
is for background purposes only and does not purport to be full or
complete. None of Optiva, the Retail Offer Coordinator or any of
their respective affiliates, accepts any responsibility or
liability whatsoever for, or makes any representation or warranty,
express or implied, as to this announcement, including the truth,
accuracy or completeness of the information in this announcement
(or whether any information has been omitted from the announcement)
or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss
howsoever arising from any use of the announcement or its contents
or otherwise arising in connection therewith. Optiva, the Retail
Offer Coordinator and their affiliates, accordingly disclaim all
and any liability whether arising in tort, contract or otherwise
which they might otherwise be found to have in respect of this
announcement or its contents or otherwise arising in connection
therewith.
Any indication in this announcement
of the price at which the Common Share have been bought or sold in
the past cannot be relied upon as a guide to future performance.
Persons needing advice should consult an independent financial
adviser. No statement in this announcement is intended to be a
profit forecast and no statement in this announcement should be
interpreted to mean that earnings or target dividend per share of
the Company for the current or future financial years would
necessarily match or exceed the historical published earnings or
dividends per share of the Company.
Neither the content of the Company's
website (or any other website) nor the content of any website
accessible from hyperlinks on the Company's website (or any other
website) is incorporated into or forms part of this announcement.
The Retail Offer Shares to be issued or sold pursuant to the Retail
Offer will not be admitted to trading on any stock exchange other
than the AIM market of London Stock Exchange plc.