Asiamet Resources Limited (AIM: ARS ) has completed a private placement to raise £3.36m with its strategic investor, Aeturnum Energy Pte LTD, which has become its largest shareholder at 19.9%, and various Directors and a small number of long-term supportive shareholders. 

Through the placing the Company has secured a highly supportive major strategic shareholder and significantly strengthened its balance sheet despite the challenging global market. In addition, the placing allows the Company to continue moving BKM towards development and delivering on its broader objectives. 

Director's Participation 

Antony Manini, a Director and Executive Chairman of the Company, Bruce Sheng and Faldi Ismail both Directors of the Company, have agreed to support the private placement by subscribing to shares in the Company: 

Director

Shares Subscribed

Antony Manini

11,784,444

ASIPAC

46,337,856

Faldi Ismail

8,000,000


Tony Manini, Executive Chairman commented: “Asiamet welcomes Aeturnum as a major shareholder of the Company and looks forward to working with the Company’s management to secure the terms for a KSK project level transaction and the ongoing strategic development of our broader business. 

We have been engaging with a number of groups to secure a partnership that enables Asiamet to continue building value through the ongoing development of our projects over the short, medium and long term.  We believe that AE as an emerging growth company with the vision of building a leading Asian Green Energy business based around copper and copper products, is strategically very well aligned with our drive to become a leading Asian copper producer.   

While we recognise the significant impact of this placement on the Company's share structure, these are particularly challenging times for junior resource companies. With two of the best undeveloped copper projects in the Asian region, a sound balance sheet and a supportive strategic partner, the fundamentals for building serious value for all our stakeholders remain strong."