Business
PT Delta Dunia Makmur Increases Strategic Stake
PT Delta Dunia Makmur Increases Strategic Stake.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n \n \n 7 November 2022\n \n \n \n \n \n \n \n \n PT Delta Dunia Makmur Increases Strategic Stake in Asiamet\n \n \n \n \n \n \n \n \n Asiamet Resources Limited (\"Asiamet\" or the \"Company\") is pleased to announce a non-brokered, private placement to PT Delta Dunia Makmur Tbk. (\"DOID\") for £2.649 million (US$3.0 million equivalent) (\"the Placement\"). The Placement will occur at an issue price of 1.15 pence per share, a 17.5% premium to the 10-day VWAP. Proceeds of the Placement will be used to finalise the BKM copper project bankable feasibility study update, advance project financing works for the development of BKM, and for working capital purposes. \n \n \n \n \n \n As part of this Placement, the Asiamet Board has approved the following:\n \n \n ·\n DOID will be entitled to nominate two (2) Directors to the Asiamet Board for as long as their shareholding in the Company remains above 19.9% (\"Prescribed Threshold\") of the issued share capital of the Company. If DOID's (direct or indirect) shareholding falls below the Prescribed Threshold of 19.9% of issued capital, DOID has the right to nominate one (1) Director to the Board of the Company.\n \n \n \n \n \n ·\n DOID (or its nominated subsidiary) is provided with an option (\"DOID Option\") to subscribe for a further US$5 million of shares exercisable at any time after the earlier of DOID's two Directors being appointed or 1 January 2023, and within (12) months of the completion date of the current Placement. Any new shares issued through the DOID Option will be priced at a 20% premium to the 10-day VWAP at the time of exercise. The DOID Option does not preclude existing shareholders being offered the right to participate in future raisings on the same terms. \n \n \n The Placement (prior to the DOID Option being exercised) increases DOID's interest in the Company from 15.3% to 24.2%. Asiamet Resources Limited is incorporated in Bermuda and therefore not subject to the UK City Code on Takeovers and Mergers.\n \n \n \n \n \n \n Darryn McClelland, Asiamet Chief Executive Officer commented:\n \n \n \n \n \"\n \n \n We have engaged extensively with DOID on both the project development and the potential financing paths for the BKM project. As part of this process, DOID completed project due diligence, an...