Business
Asiamet Resources Limited - Half-Year Results 2017
Asiamet Resources Limited - Half-Year Results 2017.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n Asiamet Resources Limited - Half-Year Results 2017VANCOUVER, British Columbia, Sept. 15, 2017 -- Asiamet Resources Limited, (AIM:ARS) ('the Company'), Half-year financial statements for the six months ended 30 June 2017 are available for viewing on www.sedar.com or www.asiametresources.com.As at 30 June 2017, the Company had cash of $137,445. On 11 August 2017, the Company placed a total of 139,534,884 new common shares (\"Placing Shares\") to raise a total of £6.0m (approximately $7.7m) (before expenses) (the \"Placing\") at a price of £0.043 (the \"Placing Price\"). The Placing Shares were admitted for trading on AIM on 15 August 2017. Insider purchasers included 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, who purchased 1,000,000, 418,605 and 283,395 Placing Shares respectively at the Placing Price. In addition, Significant Shareholders Asipac Group Pty Ltd. and Namarong Investments Pty Ltd. participated in the Placing and purchased 7,441,860 (4.9%) and 7,209,302 (4.25%) Placing Shares respectively, at the Placing Price. JP Morgan Asset Management purchased 71,010,118 (8.31%) Placing Shares at the Placing Price to become a new Significant Shareholder. The loss from continuing operations for the half-year ended 30 June 2017 was $2,014,057 (2016: $808,752) was net of a $708,089 gain on sale of its subsidiary. The loss results from $2,096,264 of exploration expenditure incurred and expensed, $492,005 of administration costs and $96,910 of non-cash share-based compensation expenditure. The exploration expenditure incurred and expensed mainly relates to the ongoing feasibility study work on the Beruang Kanan Main zone and peripheral exploration and on advancing the conversion of the IUP at Beutong from an exploration IUP to a production IUP.ManagementOn 20 February 2017, the Company strengthened its Board and management team to oversee the advancement the BKM feasibility study and ramp up project financing and mine development related activities. Peter Bird, a highly experienced mining company executive joined the Board of Directors and assumed the role of Deputy Managing Chairman and Chief Executive Officer with Tony Man...