AMANTA RESOURCES LTD.
TSX Venture Exchange: AMH
1080 - 789 West Pender St., Vancouver, BC V6C 1H2
Phone (604) 730-9505 Fax (604) 648-8096 info@amantaresources.com
AMANTA RAISES ADDITIONAL WORKING CAPITAL,
ENTERS INTO CONVERTIBLE DEBT AGREEMENT
Vancouver, BC � February 3, 2009 � Amanta Resources Ltd. (TSX-V: AMH) (the �Company�) is pleased to announce that it has entered into a convertible loan agreement with Torakit Investments Ltd. ("Torakit") for a total of $1,000,000. The loan is repayable in 3 years and will bear interest at Canadian prime rate plus 2% per annum, payable quarterly in advance. The principal amount of the loan may be converted into a total of up to 10,000,000 common shares of the Company at a deemed price of $0.10 per share. In connection with the loan, the Company will issue to Torakit 10,000,000 share purchase warrants exercisable at a price of $0.10 per share for a period of 3 years. The exercise of the warrants and conversion of the loan is restricted such that the number of shares issued on exercise or conversion cannot result in Torakit acquiring 20% or greater of the number of Listed Shares of the Company or otherwise being a control person of the Company. The loan agreement is subject to acceptance by the TSX Venture Exchange.
Pursuant to this agreement, Torakit retains its right to purchase a 10% working interest in the Luang Namtha copper project, in the Lao PDR, on the Maturity Date, which may be exercised by Torakit reimbursing the Company for 10% of the direct project expenditures incurred by the Company during the period between July 18, 2008 and the Maturity Date of the loan agreement.
The funds received will be used by the Company to retire the debt owed under the previous convertible loan advanced by Torakit in July, 2008; to fund the advancement of the Company�s copper project in Luang Namtha, Laos, and for general working capital purposes. In connection with the new loan, Torakit will cancel the share purchase warrants issued in connection with the previous convertible loan.
Amanta Resources Ltd. is focused on mineral exploration, development and production in Thailand and the Lao PDR. The Company has four exploration and development projects in Thailand (for gold and tungsten) as well as a significant Copper Exploration and Development Concession in northern Laos. The Company presently holds 100% interests in each of its projects.
on behalf of the board of
AMANTA RESOURCES LTD.
�Gerald D. Wright�
Gerald D. Wright,
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
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Amanta Resources Ltd.
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EXPLORATEUR |
CODE : AMH.V |
ISIN : CA0230001020 |
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Amanta Res. est une société d’exploration minière de cuivre et d'or basée au Canada. Amanta Res. détient divers projets d'exploration au Laos et en Thailande. Ses principaux projets en exploration sont UDOM XAI et LUANG NAMTHA au Laos, LANG ALAO et HARRON au Viet Nam et SURAT THANI, LANGU, DOI NGOM LANNA, MAE LAMA LANNA, MAE CHEDI LANNA et PAKIENG en Thailande. Amanta Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 2,4 millions CA$ (1,8 millions US$, 1,5 millions €). La valeur de son action a atteint son plus haut niveau récent le 19 novembre 2010 à 1,61 CA$, et son plus bas niveau récent le 03 février 2015 à 0,01 CA$. Amanta Res. possède 47 240 000 actions en circulation. |