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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 to raise £7.2mln to bolster Indonesian copper 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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