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Asiamet to raise £7.2mln to bolster Indonesian copper exposure

Asiamet has made strong progress on the ground in Indonesia in recent years, and is now looking to boost exposure
Asiamet's Indonesian properties contain significant copper resources

Asiamet Resources Ltd (LON:ARS) is placing up to 65,402,224 new common shares of US$0.01 each at a price of 11p per share to raise a total of £7.2mln.

The net proceeds will be used to increase Asiamet’s equity position from 40% to 80% in the Beutong project, which contains a large-scale copper porphyry, and to support continued development works at Beutong, including metallurgical test work and drilling.

READ: Asiamet Resources shares rise as it kicks off new drill programme at Beutong copper-gold project

Asiamet’s existing cash resources of US$2mln will be combined with the new money, to support a significant new programme of works.

Around US$4.7mln will be earmarked for increasing ownership at Beutong and accelerating drilling at the property, with US$2.5mln set aside for regional exploration on the KSK Contract of Work.

In addition, US$3.3mln will be used to commence optimisation and early works in relation to BKM and completion of the bankable feasibility study.

Finally, US$1.5mln will be set aside for general working capital purposes, including the costs of the placing.

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