Liberum is pleased to announce that it acted as sole bookrunner in relation to a placing for Asiamet Resources Limited (“Asiamet”), raising £7.2 million (c.US$10 million) of gross proceeds for the Company at 11p per share.
Asiamet is a dynamic junior company focussed on the exploration and development of its portfolio of large copper-gold deposits on the Indonesian islands of Kalimantan and Sumatra, adjacent to the key growth markets in Asia.
Gross proceeds of the Placing and existing cash reserves of c.US$2.0m are expected to be utilised as follows:
• US$4.7 million for increasing ownership at its Beutong copper porphyry project (from 40% to 80%) and accelerating drilling at the property including metallurgical programmes;
• US$2.5 million for regional exploration on the KSK Contract of Work Area;
• US$3.3 million to commence optimisation and early works in relation to the Company’s BKM copper project and completion of the Bankable Feasibility Study; and
• US$ 1.5 million for general working capital purposes including the costs of the Placing.
The Company has been listed on AIM since 2006 and now has a market capitalisation of c.£120m.
Investment Banking - Neil Elliot, Clayton Bush and Kane Collings
Sales - Julian Collett and Oliver Baxendale
Research - Richard Knights
Corporate Access - Lynsey Cox