Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF, FRA:0FK) said all conditions precedent to the proposed sale of its wholly owned subsidiary, Indokal Limited, had been satisfied or waived.
The update from the company came as its shares traded at 1.80p, representing an 8% daily gain.
Structurally, the proposed transaction centres on the sale of Indokal Limited, a corporate entity which holds a 100% interest in the KSK Project, to Norin Mining (Hong Kong) Limited.
Alongside the corporate disclosure, market pricing data from morning trading showed the stock holding firmly above its previous close of 1.65p.
With those initial transaction conditions now cleared, both parties to the agreement are proceeding directly with the required steps to effect the transaction's completion.
Advancing the corporate timeline, the company stated in the update that completion of the transaction is expected to occur shortly.
Awaiting that final procedural step, Asiamet said it would issue a further announcement to the market following the completion.
