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Asiamet Resources shares rise as Singapore-based investor takes 19.9% stake

Published: 22:46 25 Mar 2020 AEDT

Asiamet Resources - Asiamet Resources shares rise as Singapore-based investor takes 19.9% stake

Asiamet Resources Ltd (LON:ARS) shares rose in Wednesday morning deals as a Singapore-based commodities trader and investor Aeturnum Energy has become its largest shareholder, taking a 19.9% stake.

Aeturnum and a small number of long term shareholders have subscribed for 373.39mln new shares, priced at 0.9p each, to raise £3.36mln for Asiamet.

The funding strengthens Asiamet’s financial position amidst a highly challenging market environment, the company said in a statement.

READ: Asiamet long-term fundamentals remain strong

Asiamet also noted that the partnership and the funding will enable it to continue moving the BKM project towards development.  Aeturnum was additionally granted a 60-day exclusivity for a potential project-level investment, for the KSK project.

Asiamet's chief executive Tony Manini said: “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.”

He added: “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."

Asiamet CEO welcomes collaboration with BGRIMM for BKM copper processing...

Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) CEO Darryn McClelland tells Proactive the company has signed up contractors to plan and execute engineering and procurement of the solvent extraction and electrowinning (SX-EW) plant at its BKM copper project. An agreement has been made with BGRIMM...

on 23/1/23