This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Asian Mineral arranges $5.9-million private placement 2009-11-26 11:57 ET - News Release
Mr. Jim Askew reports ASIAN MINERAL RESOURCES ANNOUNCES PROPOSED PRIVATE PLACEMENT AND BOARD APPOINTMENT Asian Mineral Resources Ltd. intends to complete a non-brokered private placement of up to 59 million units, with each unit consisting of one common share and one whole warrant to purchase a common share at 15 cents for 12 months from its issue date. The subscription price of 10 cents a unit will result in gross proceeds of $5.9-million. Full exercise of the warrants would produce an additional $8.9-million of equity financing. Approximately 86.4 per cent of the issue will be purchased by the Malaysia Smelting group and Asian Lion Limited. Finalization of the transaction is subject to definitive documentation, TSX Venture Exchange approval for the private placement, and disinterested shareholder approval of the required waiver under the corporation's shareholder rights plan and the creation of Malaysia Smelting as a new control person for regulatory purposes.
To ensure that the corporation has sufficient working capital pending receipt of the proceeds of the units, Malaysia Smelting will agree to make available up to $375,000 of unsecured advances. Application will be made to the TSX-V to convert any such advances to units having a total price, at 10 cents a unit, equal to the principal and interest under the debt facility in the event the financing is not completed. The number of units to be issued in such event will not exceed what is currently permitted by the corporation's shareholder rights plan.
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