Asian Mineral Resources Limited
TSX VENTURE : ASN

Asian Mineral Resources Limited

June 01, 2012 10:03 ET

Asian Mineral Resources Limited Completes Private Placement

TORONTO, ONTARIO--(Marketwire - June 1, 2012) - Asian Mineral Resources Limited ("AMR" or the "Corporation") (TSX VENTURE:ASN) announced on May 25, 2012, the closing of the private placement to Pala Investments Holdings Limited ("Pala") previously announced on March 1, 2012 and April 4, 2012.

Under the private placement, AMR issued to Pala 108,333,333 units at Cdn $0.06 per unit for aggregate proceeds of Cdn $6,500,000. Each unit consists of one AMR common share and one half of one warrant to purchase a common share at Cdn $0.10 until May 25, 2017.

The securities issued under this private placement are subject to a hold period under applicable Canadian securities legislation of four months and a day, expiring on September 26, 2012.

AMR and Pala have also entered into an Investor Rights Agreement pursuant to which AMR has granted Pala pre-emptive rights to subscribe for additional securities of AMR and the right to designate two nominees to the board of directors of AMR, provided Pala holds 10% or more of AMR's outstanding shares.

Company Profile

Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project in Vietnam, a 5 hour drive north-west of Hanoi, in which it has a 90% interest. For further details on the Corporation and the Ban Phuc Nickel Project, please refer to the website at www.asianminres.com.

Contact Information

  • Asian Mineral Resources Limited
    Paula Kember
    CFO
    (416) 360-3412
    (416) 367-1954 (FAX)
    info@asianminres.com
    www.asianminres.com

    #9 Nguyen Hong Road
    Ba Dinh District
    Hanoi, VIETNAM
    +84 4 3773 7997
    +84 4 3773 7996 (FAX)