Asian Mineral Resources Announces Shareholder Approval for Private Placement
January 05 2010 - 4:53PM
Marketwired Canada
Asian Mineral Resources Limited (the "Company") (TSX VENTURE:ASN) announced
today that shareholders entitled to vote have approved by the required majority
(a) a one time waiver of the Company's Shareholders Rights Plan and (b) the
creation of a new "control person", which are pre-conditions of the Company's
ability to complete a private placement to purchasers including Malaysia
Smelting Corporation and certain of its affiliates ("MSC"), of 59,902,200 units,
each consisting of one common share and one warrant to purchase a common share
for $0.15 for 12 months from its issue date. It is therefore anticipated that
completion of the placement for gross proceeds of Cdn$5,990,220 will take place
on January 7.
Following completion of the placement MSC will hold 29.9% of the Company's
shares on a non-diluted basis; 35.5% assuming exercise of all warrants; and
43.1% assuming exercise only by MSC. 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 will hold 13.5% of the
outstanding shares on a non-diluted basis; 19.0% assuming exercise of all
warrants; and 25.8% assuming exercise only by Asian Lion. The shareholdings of
the Dragon funds will be 16.0% non-diluted and 11.9% fully-diluted.
The Shareholder Rights Plan remains in full force and effect and will apply to
any future transaction unless approval of a further waiver is requested and
obtained from shareholders other than MSC, Asian Lion Limited and others whose
post-transaction shareholdings would exceed permitted Plan thresholds.
Company Profile:
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project
in Vietnam 5 hours 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.
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