Asiamet Resources Limited (LON:ARS) has successfully raised £2mln from the private placing it announced a couple of weeks ago.
The cash will be used to progress the feasibility study at the company’s flagship Beruang Kanan Main copper project in Indonesia.
Just under 87mln shares were issued in the placing at 2.3p a pop – a slight premium to the share price when the fundraise was announced.
Chief executive Tony Manini and director Stephen Hughes took part in the placing, buying up 5.2mln and 1.7mln shares respectively.
Manini now holds a 3.7% stake in Asiamet, while Hughes’ total interest is 0.4%.
Speaking at the start of the month, Manini told investors: “Globally there are very few listed junior companies with a high quality development-ready copper project at a time when the copper market is widely predicted to move into a structural supply deficit over the next 2-3 years.”
“By advancing the BKM feasibility study through the development curve using the proceeds of the placement, Asiamet will be very well positioned to take advantage of the forecast increase in copper prices," Manina added.
He also said that the explorer and developer has received "much higher levels of interest" from investors looking to gain exposure to copper.
The BKM project is a 25,000 tonnes per annum (tpa) heap leach copper mine.
Last month, the group reported excellent continuity of copper mineralisation from drilling at BKM with intercepts including 7 metres at 2.54% copper and much of the mineralisation lying close to surface.
In September, it said feasibility drilling showed potentially stronger economics than the preliminary economic assessment had showed.
Shares were flat at 2.45p.