Asiamet Resources Ltd (LON:ARS) has raised £1.75mln through a placing of shares at 3.5p each.
The proceeds will be used to fund a number of the initiatives outlined in the recently completed BKM feasibility study, which was released in June 2019.
It will also go towards stakeholder engagement programs, permitting in preparation for development of the BKM project, undertaking initial metallurgical test-work on mineralisation from upper parts of the Beutong deposit, and to continue progressing options for funding the ongoing development of both the BKM and Beutong projects.
"We are very pleased with the support received both from existing as well as new investors,” said Asiamet chief executive Peter Bird.
“The completion of this financing allows us to commence a number of the more significant value enhancement initiatives identified in the BKM BFS, including drilling some of the highest priority targets for additional copper resources located nearby the proposed BKM mine development.”
He added: “We also plan to initiate a metallurgical test-work programme on samples from the upper parts of the Beutong deposit to test the amenability of the mineralisation for heap-leaching and hence the potential for alternative development options. Progressing the permitting and funding options for BKM and Beutong continues to be a key focus of the management team and we look forward to providing regular updates on all workstreams as they are being progressed."