Business
Deal Update - Sale Process
Deal Update - Sale Process.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 0531M\n Asiamet Resources Limited\n 18 January 2021\n \n \n \n \n \n \n \n 18 January 2021\n \n \n \n \n \n Deal Update - Sale Process\n \n \n \n \n \n Asiamet Resources Limited (\"Asiamet\" or the \"Company\") in accordance with its continuous disclosure requirements provides the following update in relation to the binding Sale and Purchase Agreement (\"SPA\") signed and announced on 24 December 2020. Since the signing of the SPA, Asiamet has continued to work closely with PT WIN to progress preparations for the IPO of PT WIN on the Indonesian Stock Exchange in early 2021. However, the initial payment of US$2.5 million that was due and payable within 10 days of signing the SPA is yet to be received by the Company. Asiamet has been seeking formal clarification from PT WIN on the proposed timing for receipt of the initial payment and late today (Melbourne AEST) received formal advice from PT WIN requesting consideration of amendments in relation to the payments schedule agreed under the SPA. Asiamet is carefully considering its position in relation to the proposed amendments and plans to formally respond to PT WIN once in a position to do so. \n \n \n Asiamet remains confident of completing this important transaction with PT WIN and will advise the market of any developments as soon as it is practically possible to do so. Should any material amendments be agreed by the parties in relation to the SPA terms, appropriate consideration to defer the shareholder meeting as announced on 30 December 2020 will be given following consultation with the regulatory authorities.\n \n \n \n \n \n Sale and Purchase Agreement (SPA)\n \n \n As previously announced, on 24 December 2020 the Company signed a binding SPA with PT Wasesa Indo Nusa (\"PT WIN\"), an Indonesian private company, owned by Aeturnum Energy a 19.9% shareholder of Asiamet. PT WIN, subject to satisfying various conditions precedent will acquire Asiamet's wholly-owned subsidiary Indokal Limited (\"Indokal\"). Indokal is the 100% owner of the Kalimantan Surya Kencana Contract of Work (\"KSK CoW\"), including the BKM Copper Project, located in Central Kalimantan, Indonesia. Further details of this transaction is available on the Company website at \n \n www.asiametresources.com\n \n . \n \n \n  ...