Proactive Investors - Asiamet Resources has rerceived US$4 million (£3,3m) through a non-brokered private placement to Delta Dunia Makmur (DOID) to push forward with the BKM copper project in Kalimantan, Indonesia.
At a price of 0.9p per share, shares were issued at a 5% discount to the average over the preceding ten days.
Darryn McClelland, Asiamet (LON:ARSA)’s chief executive, has also subscribed for 4m new shares on the same terms.
On completion, DOID will be interested in approximately 34.5% of Asiamet’s share capital but will not have to make a statutory offer as it is incorporated in Bermuda and not subject to the UK City Code on Takeovers and Mergers.
Ronald Sutardja, President Director (DOID), commented: "We continue to support Asiamet as it continues to advance the important BKM Copper project through the next stages of financing and engineering.
"Copper remains an important strategic metal and is central to the energy transition initiative. "
Darryn McClelland added that DOID's support was crucial for the BKM project.
“This round of funding enables the company to continue progressing a number of critical path activities.
"Continuation of project engineering, formal engagement with key execution contractors and delivering on several site-based programs are all requirements ahead of completing a project financing package. In addition to these activities.”