Asian Resource Global Strategies Inc.

December 24, 2008 10:03 ET

Asian Resource Global Strategies Inc.: Completion of Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Asian Resource Global Strategies Inc. ("the "Company") is pleased to announce that it has successfully completed its initial public offering (the "Offering") through its agent, Canaccord Capital Corporation ("Canaccord") of 1,314,665 common shares at a price of $0.30 per share, raising aggregate gross proceeds of $394,399.50. Allan Lam acted as the promoter for the Offering.

The Company has received conditional acceptance to be listed as a capital pool company on the TSX Venture Exchange (the "Exchange") and expects that once it completes its application for listing and receives final listing approval, trading will commence shortly thereafter under the symbol "GSI.P".

As a result of the closing of the Offering, the Company now has 3,481,329 common shares issued and outstanding (2,166,664 of which are subject to escrow restrictions), 131,466 common shares reserved for issuance upon the exercise of options granted to Canaccord and 348,132 common shares reserved for issuance upon the exercise of incentive stock options. The escrowed shares will be released in staged releases over a period of 36 months.

The Company's board of directors and management team is comprised of the following individuals: Kee Chit Huei (President, Chief Executive Officer and Director), Er Kwong Wah (Chairman, Secretary and Director), Felix Tung (Chief Financial Officer), Allan Lam (Director), James P. Boyle (Director) and Paul Zhang (Director).

As consideration for its role as agent, the Company granted Canaccord a non-transferable option to purchase up to 131,446 common shares at a price of $0.30 per common share for a period of 24 months from the date the Company's common shares are listed on the Exchange. In addition, Canaccord received a cash commission equal to 10% of the gross proceeds of the Offering, as well as an administration fee.

Pursuant to Amendment No. 1 dated November 26, 2008 to the Prospectus dated September 8, 2008 (the "Prospectus"), after the closing of the Offering, the Company entered into stock option agreements to grant incentive stock options to its directors and officers to acquire an aggregate of 348,132 common shares at a price of $0.30 per common share with an expiry date five (5) years from the date of grant.

The Company has filed its Updated 2008 Stock Option Plan (the "Updated Stock Option Plan"), with clause 7(e)(vi) of the Updated Stock Option Plan added to clarify the provisions for termination of the incentive stock options, and to ensure the Updated Stock Option Plan is consistent with the Prospectus.

The Company is a capital pool company governed by Exchange policies. The Company's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
The Company's documents may be accessed at www.sedar.com.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Asian Resource Global Strategies Inc.
    Allan Lam
    Director
    (416) 824-8800
    (416)867-8833 (FAX)