Asiamet Resources Limited Deal Update -- Sale Process (0531M)
January 18 2021 - 8:00AM
UK Regulatory
TIDMARS
RNS Number : 0531M
Asiamet Resources Limited
18 January 2021
18 January 2021
Deal Update - Sale Process
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.
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.
Sale and Purchase Agreement (SPA)
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
www.asiametresources.com .
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
For further information, please contact:
-Ends-
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@ asiametresources .com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Blytheweigh Communications Limited
Tim Blythe/Megan Ray
Telephone: +44 (0)20 7138 3204
Email: Tim.Blythe@blytheweigh.com /
Megan.Ray@blytheweigh.com
Follow us on twitter @AsiametTweets
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
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END
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