Indonesia-focused Asiamet Resources Limited (LON:ARS, CVE:ARS) has raised £1.5mln via an oversubscribed private placing as it advances its Beruang Kanan Main (BKM) copper project.
Via broker Optiva, it will sell around 48.4mln shares at 3.1p each - around a 5% discount to yesterday's close of 3.275p.
Chief executive Tony Manini said he was pleased with the strong support, which comes after "compelling" preliminary economic assessment results for the project.
"...we intend to push the BKM project through feasibility studies using a staged approach to progressively capture value for shareholders as various milestones are met. Simultaneously we will be advancing discussions with potential funding partners at both the corporate and project level," he said.
The 2016 program at BKM will focus on long lead time items for the bankable feasibility studies and exploration and resource drilling to increase the potential mine life.
Work will include exploration on high potential prospects BKS, BKW and BKZ nearby BKM where there are excellent targets for additional copper and infill drilling to upgrade part of the BKM resource to higher confidence measured and indicated status.
The firm said it will also finalise the Beutong and Jelai licence conversions from exploration to production stage and continue to work on establishing opportunities for strategic or commercial partnering on both projects.
Manini took part in the fundraise, buying 322,581 shares at 3.1p and will now be interested in 2.4% of shares.