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Asiamet Resources inks agreement for sale of BKM project in Indonesia
StockMarketWire.com
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Mining group Asiamet Resources said a sale and purchase agreement had been executed for the planned sale of its BKM copper project in Kalimantan, Indonesia to PT Wasesa Indo Nusa.
The deal, first announced in October, would involve $10 million plus $40 million upon the successful initial public offering of PT Wasesa Indo Nusa in Indonesia.
A 22.5% shareholding in the listed company also would be payable to Asiamet in two tranches.
PT Wasesa Indo Nusa was planning to undertake an IPO on the Indonesian Stock Exchange in early 2021.
'Discussions are currently underway with several highly regarded Indonesian financial institutions to underwrite the IPO,' Asiamet said.
'Following the planned IPO, PT WIN expects to have sufficient financial resources to enable the pathway for development of the BKM copper project.'
'The transaction is subject to receipt of shareholder and regulatory approvals and the equity consideration valuations ascribed throughout this release are subject to final underwriter valuations.'
At 9:57am: (LON:ARS) Asiamet Resources Limited share price was 0p at 4.5p
Story provided by StockMarketWire.com
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