Asian Mineral Resources ("ASN") is Widespread's largest investment, representing 68.3% of total assets at its present market value of Cdn $1.25 a share.
ASN made the announcement below in Canada earlier today. This is good news as Jinchuan has proceeded with this investment in Asian Minerals at Cdn $1.75 a share, a fifty cent premium to the current market price.
The complete ASN announcement follows.
For and on behalf of the Board,
Chris D Castle
Portland, Oregon, 11 July 2008
July 11, 2008Asian Mineral Resources: Closes FinancingTORONTO, ONTARIO--(Marketwire - July 11, 2008) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced that it has closed the private placement to the Jinchuan Group Limited ("Jinchuan") previously announced on May 5, 2008.
AMR issued to Jinchuan 4,000,000 units at Cdn $1.75 a unit for aggregate proceeds of Cdn $7 million. Each unit consists of one AMR common share and one warrant to purchase a common share for Cdn $2.10 exercisable until September 30, 2008. Exercise of the warrants would yield further proceeds of Cdn $8,400,000, bringing Jinchuan's total investment in AMR to Cdn $15,100,000.
The securities issued under the private placement are subject to a hold period expiring on November 9, 2008.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in north-western Vietnam in which it has a 90% interest. The Project is scheduled for commercial concentrate production in the first half of 2009.
For further details on the Company and the Ban Phuc Nickel/Copper Project, please refer to the website at www.asianminres.com.
Asian Mineral Resources Limited
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Asian Mineral Resources Limited 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 Asian Mineral Resources Limited's expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities.