Asia Now Resources Corp.
TSX VENTURE : NOW

Asia Now Resources Corp.

November 12, 2010 09:01 ET

Asia Now Resources Corp. Announces Closing of Private Placement and Welcomes New Directors

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2010) - Asia Now Resources Corp. ("Asia Now" or the "Corporation") (TSX VENTURE:NOW) is pleased to announce the closing of a non-brokered private placement whereby Asia Now issued 42,400,000 new common shares to China Gold Pte. Ltd. ("China Gold") and 2,842,000 new common shares to Prime Orient Investments Limited ("Prime Orient") at a price of $0.30 per common share for gross proceeds of approximately $13,572,600 (the "Private Placement"). Approval for the Private Placement, among other matters, was obtained from disinterested shareholders of the Corporation at the special meeting held on October 27, 2010. The TSXV has also issued its final approval for the Private Placement.

The net proceeds from the Private Placement will be used for exploration with a focus on the project at Beiya in Yunnan Province and related activities.

As a result of the Private Placement, China Gold has become a new "Control Person" of Asia Now, as such term is defined in the TSX Venture Exchange Corporate Finance Manual. Immediately after closing of the Private Placement, China Gold holds approximately 49.9% of all issued and outstanding common shares of Asia Now on an undiluted basis and approximately 47.7% on a fully diluted basis. Immediately after closing of the Private Placement, Prime Orient holds approximately 2.6% of all issued and outstanding common shares of Asia Now on an undiluted basis and approximately 2.4% on a fully diluted basis.

In accordance with applicable securities legislation and the TSX Venture Exchange Corporate Finance Manual, the shares issued to China Gold are subject to a "hold period" expiring on March 13, 2011. In accordance with applicable securities legislation, the shares issued to Prime Orient are also subject to a "hold period" expiring on March 13, 2011.

Effective upon closing of the Private Placement, the following directors, elected at the special meeting of Asia Now's shareholders held on October 27, 2010 became the directors of the Corporation: 

 • Dr. Kaihui Yang  • Chan Wing Kwong
 • D. Richard Brown  • Ng Tai Chiu
 • Muliawan Sutanto  • John Lee Luen Wai
 • Gordon McCreary (Chairman)  • Alex Tjokrorahardjo

Asia Now would like to welcome new directors John Lee Luen Wai, Alex Tjokrorahardjo and Ng Tai Chiu, who join the Corporation's board effective as of the closing of the Private Placement, subject only to final TSX Venture Exchange clearance.

Asia Now president Dr. Kaihui Yang commented "We are excited to close the Private Placement with China Gold and Prime Orient, which will enable Asia Now to further its aggressive drilling program at its Beiya project. We are also pleased to have John Lee Luen Wai, Alex Tjokrorahardjo and Ng Tai Chiu join the board and will benefit from their extensive experience doing business in China and the Asia Pacific region."

Pursuant to the subscription agreements entered into between the Corporation and each of China Gold and Prime Orient, on September 7, 2010 and amended on September 29, 2010, China Gold has the right to nominate and have elected four directors and Prime Orient has the right to nominate and have elected one director to Asia Now's board of directors. Directors, namely Muliawan Sutanto, Chan Wing Kwong, Ng Tai Chiu and John Lee Luen Wai, are nominees of China Gold. Alex Tjokrorahardjo is a nominee of Prime Orient.

Asia Now also announces that Doug Scharf resigned from his post as chairman and director of the Corporation immediately prior to the closing of the Private Placement. Mr. Scharf's resignation from the board has been contemplated for a number of months. Dr. Kaihui Yang stated "We would like to thank Doug for his tireless efforts and for the leadership he has provided to Asia Now over the past seven years. We are pleased that Doug has agreed to serve as a consulting advisor to the Corporation going forward. Gordon McCreary will be replacing Doug as chairman of Asia Now's board of directors. Gordon's vast experience and track record of success make him ideally suited to lead the board of directors as Asia Now continues to push forward with its aggressive drilling program."

Further information regarding the Private Placement is contained in the Corporation's management information circular dated September 27, 2010 mailed to shareholders in connection with the special meeting held October 27, 2010, which is available online at www.sedar.com.

About Asia Now:

Asia Now Resources Corp. is a mineral exploration company, exploring potential world-class ore deposits in China with the aim of developing them. The Corporation has established offices, joint ventures and a significant network with the Chinese mining industry and governments. Under the leadership of an experienced international board and management team, the Corporation has been operating in China since 2002. The Corporation is currently drilling at its key Beiya project which is located in the Yunnan Province of China. The project has large mineralization belts with potential for significant discoveries. For more information, please visit www.asianow.ca.

About China Gold:

China Gold is an indirect wholly-owned subsidiary of Lippo China Resources Limited ("LCR") (stock code: 156) whose shares are listed on The Stock Exchange of Hong Kong Limited, with consolidated net asset value attributable to equity holders of approximately HK$3.5 billion as at June 30, 2010. The principal activities of LCR and its subsidiaries are investment holding, property investment and property development. For more information about LCR, please visit www.lcr.com.hk.

About Prime Orient:

Prime Orient is a company incorporated in the British Virgin Islands and is engaged in investment holding.

This Press Release contains certain forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans". "intends", "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Corporation's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements, unless otherwise required under applicable law.

Neither the 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.

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