Asiamet Resources (ARS) has raised approximately US$3.1 million via a direct subscription by its majority shareholder PT Buma International Tbk, certain members of the board and management team and several other investors.
Just over 149 million new shares were issued, at 1.55p each.
BUMA thus maintains its 44.15% stake in the company
The net proceeds will be used for general working capital purposes, including to maintain the company's projects in good standing with all government of Indonesia regulatory requirements, progress the satisfaction of the conditions precedent under the proposed sale of the KSK project via Indokal, and continue the evaluation of the most value-accretive path forward for the Beutong copper project.
"The company remains focused on concluding the proposed sale of Indokal Limited in the short order and delivering a return of substantially all the funds from the sale to shareholders as previously outlined,” said Darryn McClelland, chief executive of Asiamet.
“The funding announced today enables the company to maintain its projects in good standing, an important requirement under the Indokal sale purchase agreement, and to advance activities towards completion of the transaction, which remains on track for completion within the previously communicated timeframe. I look forward to updating our stakeholders as we progress towards completion."
View from Vox
Good to see major shareholders following their money, and directors continuing to align their interests with other equity holders. Shares in Asiamet have just about doubled over the past 12 months as the market has recognised the implication of the ongoing sale of KSK. The focus in due course will shift to Beutong, which could be much bigger. What will 2026 bring? This funding sets up the initial programmes of work.