Asiamet Resources Limited Asiamet Resources Limited : Issue Of Equity

 
TIDMARS 
 
   For Immediate Release 
 
   London AIM - Symbol "ARS" 
 
   The Information Contained Within This Announcement Is Deemed By The 
Company To Constitute Inside Information As Stipulated Under The Market 
Abuse Regulations (EU) No. 596/2014 ("Mar"). With The Publication Of 
This Announcement Via A Regulatory Information Service ("RIS"), This 
Inside Information Is Now Considered To Be In The Public Domain. 
 
   11 August 2017 
 
   Asiamet Resources Limited 
 
   Placing Of Common Shares to Raise GBP6 Million (Approximately Us$7.9 
Million) To Fund Completion of the Definitive Feasibility Study at the 
BKM Copper Project and Expanded Drilling Programs around BKM and At 
Beutong 
 
   11 August 2017 - Asiamet Resources Limited, (AIM: ARS) (the "Company"), 
is pleased to announce a placing of 139,534,884 new common shares of 
US$0.01 each in the Company (the "Placing Shares") at a price of 4.3 
pence per Placing Share (the "Placing Price") to raise a total of 
GBP6.0m (approximately US$7.9m) (before expenses) (the "Placing"). The 
net proceeds from the Placing will be used to fund completion of the 
definitive feasibility study for the Company's 100% owned flagship 
Beruang Kanan Main ("BKM") project, drilling of high priority targets 
nearby BKM, and expansionary drilling at the Beutong Porphyry Project 
("Beutong"). The Placing Shares, which will be issued and settled in 
CREST, have been conditionally placed with certain institutional and 
other investors. The Placing is subject to admission of the Placing 
Shares to trading on AIM ("Admission").  Application has been made for 
the Placing Shares to be admitted to trading on AIM and it is expected 
that Admission will take place on or around 15 August 2017. 
 
   Optiva Securities Limited ("Optiva") is acting as broker in connection 
with the Placing. 
 
   Natural Resources Global Capital Partners Limited ("NRG") is acting as 
financial adviser in connection with the Placing. The Company and Optiva 
have entered into a placing agreement pursuant to which the Company has 
given conventional warranties and indemnities. Optiva also has certain 
termination rights in the event of certain force majeure events prior to 
Admission. The Company has agreed to pay fees and expenses in connection 
with the Placing amounting to, in aggregate, approximately GBP330,000 
(approximately US$432,300). 
 
   The Placing Price represents a discount of approximately 9.3 per cent. 
to the closing middle market price of an ordinary share of 4.7 pence on 
10 August 2017, being the latest practicable closing middle market price 
prior to the announcement of the Company's intention to perform the 
Placing. 
 
   The Placing Shares represent, in aggregate, approximately 16.3 per cent. 
of the Company's issued ordinary share capital as enlarged by the issue 
of the Placing Shares. The Placing is being conducted within the 
Company's existing share allotment authorities. The Placing Shares, when 
duly issued and fully paid, will rank par passé in all respects 
with the Company's existing common shares. 
 
   Antony Manini, a Director and Executive Chairman of the Company, Stephen 
Hughes, a Director and Vice President Exploration of the Company, and 
Faldi Ismail, a Director of the Company, are participating in the 
Placing and have agreed to subscribe for 1,000,000, 418,605 and 283,395 
Placing Shares respectively at the Placing Price. 
 
   In addition, Significant Shareholders Asipac Group Pty Ltd. ("Asipac") 
and Namarong Investments Pty Ltd. ("Namarong") are participating in the 
Placing and have agreed to subscribe for 7,441,860 and 7,209,302 Placing 
Shares respectively, at the Placing Price. 
 
   On Admission, the shareholdings in the Company of Asipac and Namarong 
will be 41,913,340 common shares (4.90%) and 36,334,069 common shares 
(4.25%) respectively. 
 
   JP Morgan Asset Management has participated in the Placing and agreed to 
subscribe for 71,010,118 Placing Shares at the Placing Price.  Upon 
Admission, JP Morgan Asset Management will have a beneficial interest in 
the Company of 71,010,118 common shares, which will represent 
approximately 8.31% of the enlarged share capital of the Company as at 
Admission, and thus be a Significant Shareholder. 
 
   Peter Bird, Asiamet CEO commented: 
 
   "Over the past three years Asiamet has continued to develop its highly 
promising copper assets. The Company has strategically positioned itself 
as one of the few junior companies with a quality medium scale near term 
copper development opportunity and an attractive pipeline of organic 
copper growth projects - all in a rising copper market. The strong 
support we have received from both large institutions and loyal retail 
investors in this capital raising is testament to the strength of our 
projects and team. With this backing we are now extremely pleased to be 
in a position where we can complete the BKM bankable feasibility study, 
test some of the high priority drill targets around BKM and re-commence 
expansion drilling of the exciting Beutong porphyry Cu-Au system. News 
flow will be strong and we look forward to keeping all stakeholders 
engaged as the momentum of our project work increases and results come 
to hand." 
 
   Use of proceeds 
 
   Net proceeds from the Placing will be used for: 
 
 
   -- completing the definitive feasibility study for the BKM Copper Project 
      and advance project financing initiatives; 
 
 
   -- drilling of high priority copper and polymetallic targets close to the 
      BKM deposit where previous scout drilling has reported intersections, 
      such as 10m at 2.52% Cu incl. 2m at 7.45% Cu (see RNS dated 23 February 
      2017), and where rock samples have reported up to 26.1% Cu, 57g/t Ag (see 
      RNS dated 19 July 2017) and 35.6% Z, 26.2% Lead, 2.94% Cu, 1.0g/t 
      Au and 3440g/t Ag (see RNS dated 9 June 2017); 
 
 
   -- drilling aimed at expanding the Beutong Porphyry Cu-Au-Mo deposit (40% 
      owned by the Company with the option to own up to 80%) to the west, east 
      and at depth where strong mineralisation remains open (for example hole 
      BEU0700-03 in Beutong East Porphyry intersected 385m at 0.68% Cu, 0.21g/t 
      Au from 74m to 459m incl. 148m at 0.81% Cu, 0.15g/t Au open to depth). 
      See ARS RNS dated 26 November 2014 for the Resource details; and 
 
   -- general working capital purposes. 
 
 
   Background 
 
 
   -- The results of the preliminary economic assessment on BKM, released on 5 
      April 2016 in accordance with National Instrument 43-101 - Standards of 
      Disclosure for Mineral Projects ("NI 43-101") which demonstrated a 
      post-tax NPV10 of US$204 million and IRR of 39% based on a long-term 
      copper price of US$3.25/lb generating US$388 million after tax net free 
      cash flow from production of 391 Mlbs of copper cathode over an initial 8 
      year mine life. 
 
 
   -- The work program for the bankable feasibility study is well advanced with 
      final work to be focused on: 
 
 
   -- Detailed metallurgical test work to optimise copper recoveries; 
 
   -- Project options, optimisation and value engineering; 
 
   -- Environmental impact assessment; 
 
   -- Mining, geotechnical, and hydrology works; 
 
   -- Mining infrastructure and power optimisation; and 
 
   -- Final transport, logistics and marketing studies. 
 
 
   In addition to the BKM feasibility work, further exploration and 
Resource delineation drilling is planned to be undertaken at BKM, 
Beruang Kanan West ("BKW") and Beruang Kanan South ("BKS") in order to 
expand the Resource base. 
 
   Drilling at Beutong will be focused on testing high priority areas along 
strike and at depth where the deposit remains open and strongly 
mineralised. 
 
   On Admission, the shareholdings of the directors of the Company will be 
as follows: 
 
 
 
 
 
                                                                        Percentage 
                                                                            of 
                                                            Holding of   Enlarged 
                                                              common      Share 
Director                                                      shares     Capital 
Peter Pollard                                                  408,501       0.05% 
Tony Manini                                                 28,223,277       3.30% 
- Indirect: AJM Investco Pty Ltd (Manini Family Superfund 
 A/C)                                                       17,294,258       2.02% 
- Indirect: Antman Holdings Pty Ltd.                        10,772,117       1.26% 
- Direct                                                       156,902       0.02% 
Peter Bird - Direct                                                  -           - 
Raynard von Hahn - Direct                                      160,994       0.02% 
Faldi Ismail - Direct                                        5,473,395       0.64% 
Stephen Hughes - Direct                                      3,189,982       0.37% 
 
 
   Enquiries: 
 
   Tony Manini 
 
   Executive Chairman, Asiamet Resources Limited 
 
   Email: [e-mail] 
 
   Peter Bird 
 
   Director & CEO, Asiamet Resources Limited 
 
   Email: [e-mail] 
 
   Optiva Securities Limited 
 
   Christian Dennis 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   NRG Capital Partners 
 
   Mick Oliver, Rita Adiani 
 
   Telephone: [phone],4504 
 
   Email: [e-mail], 
[e-mail] 
 
   FlowComms Limited 
 
   Sasha Sethi 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Asiamet Resources Nominated Adviser 
 
   RFC Ambrian Limited 
 
   Andrew Thomson / Stephen Allen 
 
   Telephone: [phone] 
 
   Email: [e-mail] / [e-mail] 
 
   Market Abuse Regulation 
 
   MAR became effective from 3 July 2016. Market soundings, as defined in 

MAR, were taken in respect of the Placing, with the result that certain 
persons became aware of inside information, as permitted by MAR. That 
inside information is set out in this announcement and has been 
disclosed as soon as possible in accordance with paragraph 7 of article 
17 of MAR. Therefore, those persons that received inside information in 
a market sounding are no longer in possession of inside information 
relating to the Company and its securities. 
 
   Important notice 
 
   Neither the contents of the Company's website nor the contents of any 
website accessible from hyperlinks on the Company's website (or any 
other website) is incorporated into, or forms part of, this 
announcement. 
 
   This announcement does not constitute, or form part of, a prospectus 
relating to the Company, nor does it constitute or contain any 
invitation or offer to any person, or any public offer, to subscribe for, 
purchase or otherwise acquire any shares in the Company or advise 
persons to do so in any jurisdiction, nor shall it, or any part of it 
form the basis of or be relied on in connection with any contract or as 
an inducement to enter into any contract or commitment with the Company. 
 
   The content of this announcement has not been approved by an authorised 
person within the meaning of the Financial Services and Markets Act 2000 
("FSMA"). 
 
   This announcement is not for publication or distribution, directly or 
indirectly, in or into the United States of America. This announcement 
is not an offer of securities for sale into the United States. The 
securities referred to herein have not been and will not be registered 
under the U.S. Securities Act of 1933, as amended (the "Securities Act"), 
and may not be offered or sold in the United States, except pursuant to 
an applicable exemption from registration. No public offering of 
securities is being made in the United States. This announcement is not 
for release, publication or distribution, directly or indirectly, in or 
into the United States, Australia, Canada, the Republic of South Africa, 
Japan or any jurisdiction where to do so might constitute a violation of 
local securities laws or regulations (a "Prohibited Jurisdiction"). This 
announcement and the information contained herein are not for release, 
publication or distribution, directly or indirectly, to persons in a 
Prohibited Jurisdiction unless permitted pursuant to an exemption under 
the relevant local law or regulation in any such jurisdiction. This 
announcement has been issued by and is the sole responsibility of the 
Company. 
 
   Optiva is acting solely as broker exclusively for the Company and no one 
else in connection with the contents of this announcement and will not 
regard any other person (whether or not a recipient of this 
announcement) as its client in relation to the contents of this 
announcement nor will it be responsible to anyone other than the Company 
for providing the protections afforded to its clients or for providing 
advice in relation to the contents of this announcement. Apart from the 
responsibilities and liabilities, if any, which may be imposed on Optiva 
by FSMA or the regulatory regime established thereunder, Optiva accepts 
no responsibility whatsoever, and makes no representation or warranty, 
express or implied, for the contents of this announcement including its 
accuracy, completeness or verification or for any other statement made 
or purported to be made by it, or on behalf of it, the Company or any 
other person, in connection with the Company and the contents of this 
announcement, whether as to the past or the future. Optiva accordingly 
disclaims all and any liability whatsoever, whether arising in tort, 
contract or otherwise (save as referred to above), which it might 
otherwise have in respect of the contents of this announcement or any 
such statement. 
 
   NRG is acting solely as financial adviser exclusively for the Company 
and no one else in connection with the contents of this announcement and 
will not regard any other person (whether or not a recipient of this 
announcement) as its client in relation to the contents of this 
announcement nor will it be responsible to anyone other than the Company 
for providing the protections afforded to its clients or for providing 
advice in relation to the contents of this announcement. Apart from the 
responsibilities and liabilities, if any, which may be imposed on NRG by 
FSMA or the regulatory regime established thereunder, NRG accepts no 
responsibility whatsoever, and makes no representation or warranty, 
express or implied, for the contents of this announcement including its 
accuracy, completeness or verification or for any other statement made 
or purported to be made by it, or on behalf of it, the Company or any 
other person, in connection with the Company and the contents of this 
announcement, whether as to the past or the future. NRG accordingly 
disclaims all and any liability whatsoever, whether arising in tort, 
contract or otherwise (save as referred to above), which it might 
otherwise have in respect of the contents of this announcement or any 
such statement. 
 
   Forward looking statements 
 
   This announcement includes "forward-looking statements" which include 
all statements other than statements of historical facts, including, 
without limitation, those regarding the Company's business strategy, 
plans and objectives of management for future operations, or any 
statements proceeded by, followed by or that include the words "targets", 
"believes", "expects", "aims", "intends", "will", "may", "anticipates", 
"would", "could" or similar expressions or negatives thereof. Such 
forward-looking statements involve known and unknown risks, 
uncertainties and other important factors beyond the Company's control 
that could cause the actual results, performance or achievements of the 
Company to be materially different from future results, performance or 
achievements expressed or implied by such forward-looking statements. 
Such forward-looking statements are based on numerous assumptions 
regarding the Company's present and future business strategies and the 
environment in which the Company will operate in the future. These 
forward looking statements speak only as at the date of this 
announcement. The Company expressly disclaims any obligation or 
undertaking to disseminate any updates or revisions to any 
forward-looking statements contained herein to reflect any change in the 
Company's expectations with regard thereto or any change in events, 
conditions or circumstances on which any such statements are based, 
unless required to do so by applicable law or the AIM Rules. 
 
   Qualified Person 
 
   Data disclosed in this announcement have been reviewed and verified by 
ARS's qualified person, Stephen Hughes, P. Geo, Vice President 
Exploration of the Company and a Qualified Person within the meaning of 
NI 43-101 and for the purposes of the AIM Rules for Companies. 
 
   Currency Comparison 
 
   Where comparisons in this announcement are made between sterling and 
United States dollars (the reporting currency of the Company), the 
conversion rate applied is GBP1.00: US$1.31 
 
   Glossary of Technical Terms 
 
 
 
 
"Mineral         A "Mineral Resource" is a concentration or occurrence 
Resource"         of diamonds, natural solid inorganic material, or 
                  natural solid fossilized organic material including 
                  base and precious metals, coal, and industrial minerals 
                  in or on the Earth's crust in such form and quantity 
                  and of such a grade or quality that it has reasonable 
                  prospects for economic extraction. The location, quantity, 
                  grade, geological characteristics and continuity of 
                  a Mineral Resource are known, estimated or interpreted 
                  from specific geological evidence and knowledge. 
"CIM"            The reporting standard adopted for the reporting of 
                  the Mineral Resources is that defined by the terms 
                  and definitions given in the terminology, definitions 
                  and guidelines given in the Canadian Institute of 
                  Mining, Metallurgy and Petroleum (CIM) Standards on 
                  Mineral resources and Mineral Reserves (December 2005) 
                  as required by NI 43-101. The CIM Code is an internationally 
                  recognised reporting code as defined by the Combined 
                  Reserves International Reporting Standards Committee. 
"lbs"            Pounds (measure of weight) 
"Mlbs"           Million pounds (measure of weight0 
"g/t"            grams per tonne; equivalent to parts per million ('ppm'). 
"grade"          The proportion of a mineral within a rock or other 
                  material. For copper mineralisation this is usually 
                  reported as % of copper per tonne of rock (g/t) 
"intersection"   Refers to a sample or sequence of samples taken across 
                  the entire width or an ore body or mineralised zone. 
                  The intercept is described by the entire thickness 
                  and the average grade of mineralisation 
"rock samples"   Rock chip samples approximately 2kg in size that are 
                  typically collected from surface outcrops exposed 
                  along rivers and mountain ridgelines 
"porphyry"       an igneous rock containing coarse crystals, as phenocrysts, 
                  in a finer-grained groundmass 
"Cu"             The chemical symbol for copper 
"Au"             The chemical symbol for gold 
"Ag"             The chemical symbol for silver 
"Zn"             The chemical symbol for zinc 
"Mo"             The chemical symbol for molybdenum 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 

   Source: Asiamet Resources Limited via Globenewswire 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

August 11, 2017 02:00 ET (06:00 GMT)

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