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.
TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) - Asian Mineral Resources Limited ("AMR") (News - Market indicators) has announced today that it has completed the previously announced private placement offering (the "Private Placement") by Pala Investments Limited ("Pala") and Lion Selection Group Limited ("Lion") in AMR whereby Pala and Lion purchased 150,000,000 common shares of AMR (the "AMR Shares") and 16,666,666 AMR Shares, respectively, each at CDN$0.06 per AMR Share for total consideration of CDN$10,000,000. The proceeds from the Private Placement will be used by AMR to fund capital expenditures for the construction of the Ban Phuc Nickel Project and for working capital purposes.
The issuance of AMR Shares to Pala received the approval of shareholders at today's special meeting of AMR shareholders.
All securities issued to Pala and Lion pursuant to the closing of the Private Placement are subject to a four-month statutory hold period, which will expire on April 18, 2013.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project, located 160 km north-west of Hanoi in the Son La Province, which is 90% owned by its subsidiary Ban Phuc Nickel Mines LLC. The development of the project is in advanced stages, with underground and surface infrastructure near completion and commercial production expected to occur by June 2013. For further details on AMR and the Ban Phuc Nickel Project, please refer to AMR's website at www.asianminres.com.
This press release includes certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the anticipated use of proceeds from the Private Placement, completion of the project, the commencement of commercial production and the achievement of expected benefits, potential mineralization and reserves, exploration results and future plans and objectives of AMR 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 AMR's expectations are disclosed under the heading "Risk Factors" in AMR's Annual Information Form and elsewhere in AMR's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. Forward‐looking statements are qualified entirely by this cautionary statement and are given only as at the date of this press release. AMR disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.