Asian Mineral Resources Announces Completion of Private Placement
January 07 2010 - 3:32PM
Marketwired
Asian Mineral Resources Limited (the "Company") (TSX VENTURE: ASN)
announced today the completion of a non-brokered private placement
of 59,000,000 units each consisting of one common share and one
whole warrant to purchase a common share at $0.15 for 12 months
from its issue date. The common shares and warrants and any common
shares issuable on the exercise of the warrants are subject to a
hold period expiring on May 8, 2010. The units were issued at $0.10
a unit for gross proceeds of Cdn$5,900,000. Full exercise of the
warrants would produce an additional $8.9 million of equity
funding.
The proceeds of the placement will be used, among other things,
to conduct a program of geophysics and diamond drilling to test the
depth and strike extension of the Ban Phuc massive sulphide
mineralization; to update Ban Phuc Project capital and operating
costs; to optimize Project development and production strategy
using updated geological information and incorporating maximum use
of in-country construction expertise; and to undertake exploration
programmes which are complementary to these activities.
Malaysia Smelting Corporation and certain of its affiliates now
hold 29.6% of the Company's shares; 35.0% assuming exercise of all
warrants; and 40.0% assuming exercise only by MSC and such
affiliates. MSC and its affiliates are members of Tecity Group, a
Singapore-based group of companies controlled by family members of
its deceased founder, Dr. Tan Chin Tuan, including his daughter Dr.
Tan Kheng Lian and her three children. Asian Lion Limited holds
13.6% of the outstanding shares on a non-diluted basis; 19.2%
assuming exercise of all warrants; and 23.0% assuming exercise only
by Asian Lion. The shareholdings of the Dragon funds are now 16.1%
non-diluted and 12.0% fully-diluted.
"We are very pleased that a number of existing shareholders
including Malaysia Smelting Corporation and its affiliates who are
members of the Tecity Group, along with Asian Lion, have
demonstrated their support for the Company and our Ban Phuc Nickel
Project by agreeing to provide this substantial equity infusion",
commented Chairman Jim Askew. "We look forward to re-energising the
Ban Phuc Project and undertaking other initiatives during 2010
designed to add shareholder value."
Company Profile:
Asian Mineral Resources Limited is developing the Ban Phuc
Nickel/Copper Project in Vietnam, a 5 hour drive north-west of
Hanoi, in which it has a 90% interest.
For further details on the Company and the Project, please refer
to the website at www.asianminres.com.
Forward-Looking Statements
This press release includes certain "Forward-Looking
Statements." All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration
results and future plans and objectives of Asian Mineral Resources
Limited are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Asian Mineral Resources Limited's expectations are
disclosed under the heading "Risk Factors" and elsewhere in Asian
Mineral Resources Limited documents filed from time-to-time with
the TSX Venture Exchange and other regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Asian Mineral Resources Limited Paula Kember CFO 416
360 3412 416 367 1954 (FAX) info@asianminres.com Asian Mineral
Resources Limited Rob Guest CEO +84 4 3773 7997 +84 4 3773 7996
(FAX) info@asianminres.com
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