TORONTO, ONTARIO--(Marketwired - Feb. 3, 2014) - Asian Mineral Resources Limited (TSX VENTURE:ASN) has granted common shares options pursuant to its 2007 Stock Option Plan (the "Options") to certain of its directors as compensation for directors' fees in lieu of cash payment for services to be performed between January 1 and June 30, 2014. The Options are exercisable at $0.08 per share, expire on February 1, 2019 and vest in equal tranches on March 31, 2014 and June 30, 2014. The Options were granted as follows: 714,242 Options to Jan Castro; 536,682 Options to Michael Brown; and 400,252 Options to Stephen Gill. Share compensation agreements with these directors as previously announced in press releases dated July 2, 2013 and July 11, 2013, have been terminated.
The Company also granted 2,000,000 Options to its Chief Executive Officer, Evan Spencer. The Options are exercisable at $0.08 per share, expire on February 1, 2019 and vest in four equal tranches of 500,000 Options on each of March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014.
On August 14, 2013 the TSXV amended the minimum exercise price pursuant to which stock options could be granted to $0.05 from its previous minimum exercise price of $0.10. On the basis of this change in regulation, the Company is amending the exercise price on 7,613,308 Options granted to employees and directors during 2013. In particular the following options have been amended such that the exercise price is reduced from $0.10 to $0.05: i) 1,000,000 Options of Director Stephen Gill; ii) 1,613,605 Options of Director Robin Widdup, 499,862 Options of Director James Askew and 599,841 Options of Director Christopher Castle (announced by press release on October 24, 2013); and iii) 2,000,000 Options of Chief Financial Officer John Tasovac and 400,000 Options of Corporate Secretary Paula Kember (announced by press release on August 23, 2013).
The Company is eligible to issue up to 10% of its issued and outstanding common shares at the applicable time under its stock option plan and there are 24,267,957 common shares of the Company reserved for issuance.
Asian Mineral Resources Limited is a Canadian TSX-V listed company with a nickel producing mine, the Ban Phuc Nickel Project, located 160 km north-west of Hanoi in Son La Province, Vietnam. The project produces a high-quality nickel concentrate, with a significant copper by-product. For further details on the Ban Phuc Nickel Project and AMR, please refer to the technical report entitled "NI 43-101 Technical Report - Ban Phuc Nickel Project" dated February 15, 2013 available on SEDAR, and also visit the company 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 completion of the project 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.