Asiamet Resources (ARS) , the exploration and development company with large copper-gold and polymetallic deposits in Indonesia, raised $2.1 million in a share placing on Tuesday.
Asiamet said the proceeds are to fund a number of value enhancement initiatives outlined in its BKM Feasibility Study that it completed in June.
The company told investors it will continue progressing options for funding the development of both its BKM and Beutong projects, as well as undertake initial metallurgical test-work on mineralisation from upper parts of Beutong.
It also said it will continue stakeholder engagement programs and permitting in preparation for the BKM project.
Shares in Asiamet were trading 9% higher at 3.8p each following the placing
Peter Bird, CEO of Asiamet Resources said that the financing allows the company to “drill some of the highest priority targets for additional copper Resources located nearby the proposed BKM mine development.”
He added: “We also plan to initiate a metallurgical test-work programme on samples from the upper parts of the Beutong deposit to test the amenability of the mineralisation for heap-leaching and hence the potential for alternative development options.”
“Progressing the permitting and funding options for BKM and Beutong continues to be a key focus of the management team and we look forward to providing regular updates on all workstreams as they are being progressed."
Mr. Bruce Sheng, who is a Director of Asiamet Resources and Chairman of ASIPAC, participated in the placing and will hold 6.74% of the enlarged company following issue.
The shares are expected to be admitted for trading on 30 August at 8am.
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