New Zealand Exchange Limited
P.O. Box 2959
5 April 2012
Widespread’s Asian Minerals advises amendment to Pala agreement
Asian Mineral Resources (“ASN”) is one of Widespread’s largest investments. This shareholding (presently held at independent valuation based on our share of net assets) represents 19.9% of Widespread’s total assets.
ASN made the announcement below in Canada overnight.
For and on behalf of the Board,
Chris D Castle
5 April 2012
April 04, 2012 11:32 ET
Asian Mineral Resources Limited Announces Amendment to Agreement With Pala Investments Holdings Limited
TORONTO, ONTARIO--(Marketwire - April 4, 2012) - Asian Mineral Resources Limited ("AMR" or the "Corporation") (TSX VENTURE:ASN) announced today that the Subscription Agreement it entered into with Pala Investments Holdings Limited ("Pala") as previously announced on March 1, 2012 has been amended to provide that:
- the number of Units to be purchased by Pala has been increased from 71,666,667 to 108,333,333 and the aggregate subscription price has increased from $4,300,000 to $6,500,000;
- accordingly the number of Warrants has been increased to entitle Pala to purchase up to 54,166,667 common shares for $0.10 a share; and
- Pala's due diligence period has been extended until April 18, 2012; and
- the outside closing date has been extended to July 31, 2012.
Corresponding amendments have been made to the other agreements described in the Corporation's press release dated March 1, 2012. Following completion of the transactions Pala will own 157,814,933 common shares representing 50.7% of the Corporation's outstanding share capital (57.7% on a fully diluted basis).
The amendment to the Subscription Agreement has been posted on SEDAR at www.sedar.com.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in Vietnam, a 5 hour drive north-west of Hanoi, in which it has a 90% interest.
For further details on the Company and the Project, please refer to the website atwww.asianminres.com.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding completion of the transactions described in this press release and the achievement of expected benefits, 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.