Asian Mineral Resources Announces 200:1 Share Consolidation
August 30 2018 - 10:55AM
Asian Mineral Resources Limited
(“
AMR” or the
“
Company”) (TSX-V: ASN) intends
to consolidate its common shares on the basis of 200
pre-consolidation common shares for 1 post-consolidation common
share (the “
Share
Consolidation”). Management and the Board of
Directors of the Company are of the view that the Share
Consolidation is necessary to allow the Company to position itself
to pursue potential new investment opportunities or other potential
strategic options. The Company currently has 795,920,841 common
shares issued and outstanding, which will be reduced to
approximately 3,979,604 common shares after giving effect to the
Share Consolidation. The exact number of common shares outstanding
after the Share Consolidation will vary based on the elimination of
fractional shares. No fractional shares will be issued as a result
of the Share Consolidation. Each fractional share that is less than
½ of a share will be cancelled and each fractional share that is at
least ½ of a share will be changed to one whole share. The
anticipated effective date of the Share Consolidation is
anticipated to be September 6, 2018.
The Company will not be changing its name or
trading symbol in connection with the Share Consolidation.
The Share Consolidation is subject to acceptance
by the TSX Venture Exchange.
About AMR
AMR formerly owned and operated a nickel mine
with historical nickel sulphide production in Vietnam. AMR
commenced commercial production from its 90%-owned Ban Phuc Nickel
Mine in Vietnam in mid-2013 and over the course of the mine’s life
produced a total of c. 20,000 tonnes of nickel and c. 10,000 tonnes
of copper contained in concentrate, plus a cobalt by-product.
Mining and processing operations at Ban Phuc were suspended in
September 2016 and operations were transitioned to a care and
maintenance scenario. After a thorough strategic review process,
AMR announced the sale of the Ban Phuc Nickel Mine on July 17, 2018
after approval by AMR’s shareholders, which allowed AMR to achieve
an orderly and clean exit from Vietnam.
On July 17, 2018 AMR announced it had entered
into an option agreement with Island Time Exploration Limited for
the exclusive right to acquire up to 75% interest in four mineral
titles totalling 3,687 hectares situated east of Duncan in the
Victoria Mining Division (the “Holt Option
Agreement”), whose primary target is
volcanogenic, polymetallic massive sulphides, in consideration for
a fee of $100,000, payable by way of a promissory note, and
conditional upon incurring up to an aggregate of $300,000 of
exploration and development expenditures on the property of the
next 18 months. The Company will provide a further update on its
progress with this investment opportunity and any other new
opportunities in due course.
For further details on AMR, please refer to the
AMR website www.asianmineralres.com.
Forward-Looking
Statements
Statements made in this news release may be
forward-looking and therefore subject to various risks and
uncertainties. Such statements can typically be identified by
terminology such as ‘‘may’’, ‘‘will’’, ‘‘could’’, ‘‘should’’,
‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’,
‘‘possible’’, ‘‘continue’’, “objective” or other similar
expressions concerning matters that are not historical facts.
In particular, this press release contains
forward-looking statements pertaining, among other things, to the
Holt Option Agreement and the Share Consolidation. In making
forward-looking statements, the Company may make various material
assumptions, including but not limited to (i) obtaining necessary
regulatory approvals; (ii) the completion of the Share
Consolidation; (iii) the expected effect of the Share Consolidation
on the price of the Company’s common shares and (iv) general
business, market and economic conditions.
Certain material factors or assumptions are
applied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. AMR does not undertake to update any forward-looking
statements; such statements speak only as at the date made.
Going Concern
Risk
As described in AMR’s most recent Management
Discussion & Analysis, the continuing operations of the Company
are dependent upon its ability to continue to raise adequate
financing, to commence profitable operations in the future, and
repay its liabilities arising from normal business operations as
they become due. There remains a significant risk that the Company
is unable to find alternative sources of financing for on-going
working capital requirements. These material uncertainties cast
significant doubt upon the Company’s ability to continue as a going
concern.
Failure to obtain sufficient financing could
force the Company into reorganization, bankruptcy or insolvency
proceedings. Additional financing may not be available when needed
or, if available, the terms of such financing might not be
favourable to the Company and might involve substantial dilution to
existing shareholders. Failure to raise capital when needed would
have a material adverse effect on the Company’s ability to pursue
its business strategy, and accordingly could negatively impact the
Company’s business, financial condition and results of
operations.
For further
information:
Paula KemberChief Financial OfficerTelephone:
(416) 360-3412
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Asian Mineral Resources (TSXV:ASN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Asian Mineral Resources (TSXV:ASN)
Historical Stock Chart
From Apr 2023 to Apr 2024