Widespread’s Asian Minerals confirms private placement
Asian Mineral Resources (“ASN”) is Widespread’s largest investment. This 6.4% shareholding (presently held at independent valuation) represents 63.1% of Widespread’s total assets.
ASN made the announcement below in Canada last night. While the placement raised less than was intended, enough was raised to ensure ASN has working capital to continue to survive and operate in its present mode.
The modest size of the placement is positive for Widespread Portfolios in that it results in less dilution of our shareholding than was expected.
The prospects for ASN are improving as the nickel price continues to rise and negotiations continue in Vietnam.
For and on behalf of the Board,
Chris D Castle
Onekaka, 16 June 2009
TORONTO, ONTARIO--(Marketwire - June 15, 2009) - Asian Mineral Resources Limited (the "Company")(TSX VENTURE:ASN) announced today that it has confirmed its private placement of common shares at $0.09 a share whereby existing shareholders will purchase 11,718,637 shares for gross proceeds of $1,054,677. Finalization is subject to execution of definitive documentation and receipt of TSX-Venture Exchange approval for the placement. "While we had hoped to raise a larger amount we welcome this equity infusion as evidence of support by our shareholders so that our Ban Phuc project can remain on a care and maintenance basis and we can continue with other activities including the successful resolution of various Vietnamese issues" commented Rob Guest, President and CEO.