US$3.1 million Subscription
Asiamet Resources Limited has successfully raised approximately US$3.1 million through a direct subscription, with its majority shareholder PT Buma International Tbk subscribing for US$1.37 million, and directors, management, and other investors contributing the remaining US$1.73 million. These funds will be used for general working capital, including maintaining projects, progressing the sale of the KSK project, and evaluating the Beutong Project. The subscription involves the issuance of 149,387,512 new common shares at 1.55 pence per share, with admission to AIM expected around December 30, 2025, at which point the company's issued share capital will be 3,393,816,362 common shares.
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THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") IS DEEMED BY THE GROUP TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.
Asiamet Resources Limited
US$3.1 million Subscription
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to announce it has raised a total of approximately US$3.1 million (approximately £2.3 million), via a direct subscription by the Company's majority shareholder PT Buma International Tbk. ("BUMA"), certain members of the Board and Management team and several other investors (together, the "Subscription"). Pursuant to the Subscription, a total of 149,387,512 new common shares of US$0.01 each ("Common Shares") will be issued at a price of 1.55 pence (approximately US$0.02) per share (the "Issue Price").
Highlights of the Subscription:
- Strategic shareholder BUMA, subscribing for approximately US$1.37 million, maintaining its equity interest of 44.15% in the Company
- Certain Asiamet Directors and Management subscribing for approximately US$0.24 million; and
- Other investors subscribing for approximately US$1.49 million.
Net proceeds of the Subscription will be utilised for general working capital purposes, including to:
- Maintain the Company's projects in good standing with all Government of Indonesia regulatory requirements;
- Progress the satisfaction of the Conditions Precedent under the proposed sale of our interest in the KSK project via the sale of Indokal Limited; and
- Continue the evaluation of the most value-accretive path forward for the Beutong Project.
Darryn McClelland, Chief Executive Officer of Asiamet, commented:
"The Company remains focused on concluding the proposed sale of Indokal Limited in the short order and delivering a return of substantially all the funds from the sale to shareholders as previously outlined. The funding announced today enables the Company to maintain its projects in good standing, an important requirement under the Indokal Sale Purchase Agreement, and to advance activities towards completion of the transaction, which remains on track for completion within the previously communicated timeframe. I look forward to updating our stakeholders as we progress towards completion."
The Subscription
The Company's major shareholder BUMA has subscribed for 65,948,145 new Common Shares pursuant to the Subscription ("BUMA Shares") at the Issue Price, raising US$1.37 million.
Tony Manini, a Director and Chairman of the Company, Dominic Heaton, a Non-Executive Director of the Company, Matthew Doube, a Non-Executive Director of the Company and Darryn McClelland, Chief Executive Officer of the Company, have agreed to subscribe for, in aggregate, 11,534,530 new Common Shares pursuant to the Subscription at the Issue Price, raising US$0.24 million.
In addition, a group of other investors have subscribed for a total of 71,904,837 new Common Shares at the issue price raise gross proceeds of US$1.49 million.
On Admission, the shareholdings of the Directors/PDMRs participating in the Subscription will be as follows:
| Director/PDMR | Existing Common Shares Held | Subscription Shares | Total Shareholding post Subscription | Percentage of enlarged share capital |
|---|---|---|---|---|
| Tony Manini | 73,243,573 | 3,372,450 | 76,616,023 | 2.26% |
| Dominic Heaton | 18,722,824 | 862,080 | 19,584,904 | 0.58% |
| Matthew Doube | 3,492,842 | 4,800,000 | 8,292,842 | 0.24% |
| Darryn McClelland | 41,641,216 | 2,500,000 | 44,141,216 | 1.30% |
Related Party Transactions
BUMA is a substantial shareholder of the Company. BUMA's participation in the Subscription is therefore deemed to be a related party transaction under AIM Rule 13. In addition, the participation of Tony Manini, Dominic Heaton, Matthew Doube and Darryn McClelland in the Subscription is deemed to be a related party transaction under AIM Rule 13.
As such, and in compliance with the AIM Rules for Companies, the directors of Asiamet who are independent for the purposes of the Subscription (being Eva Armila and Bruce Sheng), having consulted with Strand Hanson, in its capacity as the Company's nominated adviser, consider that the terms of the related parties' participation in the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
The Subscription is subject to, inter alia, admission of the Subscription Shares to trading on AIM (which are expected to be issued and settled in CREST to the extent possible). Application will be made to the London Stock Exchange plc for the admission of the 149,387,512 Subscription Shares to trading on AIM, which is expected to occur at 8:00 a.m. (GMT) on or around 30 December 2025 ("Admission").
Following Admission, the Company's issued common share capital will comprise 3,393,816,362 Common Shares. From Admission, the figure of 3,393,816,362 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Note: for the purposes of this announcement figures have been calculated based on an exchange rate of US$1.3388 = £1.00
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
| a. | Name | 1. Tony Manini 2. Darryn McClelland 3. Dominic Heaton 4. Matthew Doube | ||||||||
| 2. | Reason for the notification | |||||||||
| a. | Position/status | 1. Executive Chairman 2. Chief Executive Officer (PDMR) 3. Non-Executive Director 4. Non-Executive Director | ||||||||
| b. | Initial notification/Amendment | Initial Notification | ||||||||
| a. | Name | Asiamet Resources Limited | ||||||||
| b. | LEI | 213800PWJMT1NG28TA88 | ||||||||
| a. | Description of the Financial instrument, type of instrument Identification code | Common Shares of par value US$0.01 each BM04521V1038 | ||||||||
| b. | Nature of the transaction | Purchase of common shares | ||||||||
| c. | Price(s) and volume(s) |
.55p per share 862,080 4,800,000 | ||||||||
| d. | Aggregated information · Aggregated volume · Price | N/A ( single transactions) | ||||||||
| f . | Place of the transaction | Outside a trading venue |
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Chairman
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