Widespread's Asian Minerals advises warrant exercise
/New Zealand Exchange Limited
P.O. Box 2959
Wellington
11 January 2011
Dear Sir,
Widespread’s Asian Minerals advises warrant conversion
Asian Mineral Resources (“ASN”) remains one of Widespread’s largest investments. This 3.7% shareholding (presently held at independent valuation based on our share of net assets) represents 23.5% of Widespread’s total assets.
ASN made the announcement below in Canada last night concerning the conversion of 31,200,000 15c warrants. While this has further diluted Widespread’s percentage holding in ASN, it’s significant and encouraging that the warrants were converted at a price above recent sales at 14 cents. This further confirms our view that the market price of the few shares available to be traded is largely irrelevant.
For and on behalf of the Board,
Chris D Castle
Onekaka
11 January 2011
ASIAN MINERAL RESOURCES RAISES $4.68 MILLION FROM WARRANT EXERCISE
Toronto, Ontario – January 10, 2011. Asian Mineral Resources Limited (the “Company”) (ASN-TSX Venture) announced today that 31,200,000 of its share purchase warrants which expired on January 7, 2011 have been exercised at $0.15 a share for gross proceeds of $4.68 million. Those exercising were members of the Tecity Group and certain individuals. “We are delighted that Tecity has confirmed its support for the Company and has provided important additional funding which will allow us to continue with some activities on our Ban Phuc Project while pursuing our efforts to obtain the remainder of the required funding for the Project” commented Choo Mun Keong, Asian Mineral’s Executive Chairman, “We believe Tecity’s vote of confidence will greatly assist our funding efforts”. Members of the Tecity Group including Malaysia Smelting Corporation now own 39.81% of the Company’s outstanding shares.
Company Profile:
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 at www.asianminres.com or contact:
Paula Kember, CFO
120 Adelaide Street West, Suite 2500
Toronto, ON M5H 1T1
T: 416 360 3412
F: 416 367 1954
Lai Fook Hoy, CEO
#9 Nguyen Hong Road
Ba Dinh District, Hanoi
Viet Nam
T: +84 4 3773 7997
F: +84 4 3773 7996
Email: lai.fh@asianminres.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
