Business
Private Placement to Strategic Investor
Private Placement to Strategic Investor.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n \nRNS Number : 2961A Asiamet Resources Limited 28 May 2019 \n\n28 May 2019\n \nPrivate Placement to Strategic Investor - Non-Executive Director to be Appointed\n \nAsiamet Resources Limited (\"Asiamet\" or the \"Company\") is pleased to announce the following strategic initiative:\n· US$2m private placement to key shareholder ASIPAC \n· It is proposed that an ASIPAC representative will join the Asiamet Board as a Non-Executive Director, effective 1 July 2019\n· ASIPAC through its extensive network in China will provide support for a number of key initiatives relating to development and funding of the BKM and Beutong projects\n \nFurther details of this strategic initiative are as follows;\n \n· ASIPAC through its extensive network in China and the China-Australia business community will provide support to Asiamet for initiatives relating to mine plant engineering and equipment supply, development funding, project financing and investor relations \n· Placement funds will be used for finalising feasibility study activities at BKM, commencing early stage work on value engineering opportunities, and provide working capital to support ongoing partner and funding initiatives\n· Reflecting the ongoing nature of discussions that commenced shortly after completion of the last capital raising undertaken by the Company, and the long term strategic nature of the investment, the placement to ASIPAC was completed at 4.25p per share i.e. the same price as the last capital raising in November 2018.\n· ASIPAC's interest in the Company will rise to 8.55%\n \nASIPAC Group Pty Ltd (\"ASIPAC\") is a Melbourne based diversified investment group of companies with a primary focus on resources and property. ASIPAC's Chairman, Mr Feng (Bruce) Sheng is the current Vice Chairman of the Australia China Business Council (Victoria) and the Executive Chairman of Terramin Australia Ltd (an ASX listed Company), a company developing a portfolio of zinc and gold projects in Algeria and Australia.\n \nTony Manini, Executive Chairman commented:\n\"The support provided by ASIPAC over the past few years and in particular through this Private Placement, together with the intended appointment of an ASI...