TORONTO, Oct. 11, 2018 — Asian Mineral Resources Limited (the “Company”) (ASN-TSX Venture) announced today that it has issued 4,766,808 common shares at a price of $0.50 per share to extinguish $2,383,404 of liabilities pursuant to settlement agreements with certain of the Company’s creditors. Further details on each of the settlement agreements can be found in the Company’s press release disseminated on September 21, 2018.
Separately, the Company has also entered into an agreement with a group of investors pursuant to which such investors have advanced the sum of $360,000 to the Company, conditional upon, and in anticipation of the Company completing an equity financing at a future date to be determined by the Company and such investors. Should the Company fail to complete an equity financing by the date determined by the Company and the investors, the Company will return the full amount of the advance to the investors. The advance will initially allow the Company to pay administrative expenses and make payments to certain trade creditors.
Mr. Robin Widdup has, today, resigned as Chairman and Director of the Company. Assuming the role of Chairman will be Chris Castle, a longstanding Director since 2000 and Chairman during the Company’s formative years.
“We wish to thank Mr. Widdup for his tenure as Chairman and Director during some of the most challenging years for the Company,” commented Duncan Blount, CEO of Asian Mineral Resources. “Since he first became involved with the Company in 2010, Mr. Widdup has provided significant contributions through his technical expertise and capital markets guidance. We wish him all the best in his future endeavors.”
AMR formerly owned and operated the Ban Phuc Nickel Mine in Vietnam. Following a strategic review process, AMR announced on July 17, 2018 the completion of the sale of the Ban Phuc Nickel Mine and that it had entered into an option agreement with Island Time Exploration Limited for the exclusive right to acquire up to 75% interest in four mineral titles totalling 3,687 hectares situated east of Duncan in the Victoria Mining Division, whose primary target is volcanogenic, polymetallic massive sulphides. AMR will provide a further update on its progress with this investment opportunity and any other new opportunities in due course.