TORONTO, July 16, 2019 (GLOBE NEWSWIRE) -- Asian Mineral Resources Limited (the “Company”) (ASN-TSXV) announces its intention to undertake a non-brokered private placement of up to 13,333,333 units at a price $0.075 per unit, for aggregate gross proceeds of up to $1,000,000. Each unit will consist of one common share of the Company, and one common share purchase warrant entitling the holder to acquire one common share at a price of $0.10 per common share for 24 months following the closing. All securities issued pursuant to the private placement will be subject to a four-month hold period.
All of the $360,000 in subscription advances disclosed in the Company’s October 11, 2018 press release are expected to re-invest under the placement. Proceeds of the private placement will be used to settle outstanding debts and to investigate new business opportunities. It is not anticipated that any finder’s fees will be paid in connection with the placement. Finalization of the placement is subject to receipt of TSX-Venture Exchange approval.
For further information:
Chief Financial Officer
Telephone: +1 (416) 360-3412
Neither the 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.