Malaysia Smelting Corporation Berhad

May 07, 2008 16:23 ET

Malaysia Smelting Corporation Berhad Exercises Warrants and Acquires 6,799,999 Additional Common Shares of Asian Mineral Resources Limited

TORONTO, ONTARIO--(Marketwire - May 7, 2008) - Malaysia Smelting Corporation Berhad ("MSC") announced today that it has exercised its outstanding warrants and acquired an additional 6,799,999 common shares of Asian Mineral Resources Limited ("AMR") at an exercise price of Cdn$2.10 per common share. The warrants were issued in December 2007 when MSC made its initial Cdn$20 million investment in AMR common shares. Following the exercise of the warrants, MSC owns 18,228,570 common shares of AMR representing approximately 19.0% of AMR's outstanding common shares and is also entitled to nominate one member to the board of directors of AMR. As previously disclosed, MSC will also be entitled, for a period of two years, to increase its ownership level to not more than 19.9% and to participate in future equity offerings in order to maintain its ownership position.

MSC is acquiring the additional AMR common shares for investment purposes. MSC will review its investment in AMR common shares on a continuing basis and its holdings may be increased or decreased in the future.

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