Shares in Asiamet Resources (LON:ARS) surged after the group said that Aeternum Energy has finalised all due diligence workstreams and now intends to enter further negotiations.
Aeturnum previously acquired a 19.9% strategic holding in Asiamet Resources through a placement in March 2020.
The group was given an exclusivity period of 60 days at the time to complete technical and commercial due diligence for a project level investment in relation to KSK Contract of Work.
Aeturnum said it now intends to enter into negotiations with Asiamet for a partial or full acquisition of the KSK Contract of Work asset.
Shares in Asiamet Resources were trading 35.85% higher at 3.6p on Tuesday.
Asiamet has now appointed Melbourne-based Grant Samuel Corporate Finance to assist the board and management with strategic and financial advice on any potential transaction.
The company said it will further update investors if and when the parties are able to agree a transaction that provides ‘a suitable path’ forward for the development of the BKM project on KSK.
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