TORONTO, ONTARIO -- (Marketwire) -- 05/25/12 -- Asian Mineral Resources Limited ("AMR" or the "Corporation") (TSX VENTURE: ASN) announced today that shareholders entitled to vote have approved by the required majority the creation of a new "control person", which is a pre-condition of the Corporation's ability to complete the private placement to Pala Investments Holdings Limited ("Pala") previously announced on March 1, 2012 and April 4, 2012.
Following the Special Shareholder meeting, the Company closed the private placement, whereby AMR issued to Pala 108,333,333 units at Cdn $0.06 per unit for aggregate proceeds of Cdn $6,500,000. Each unit consists of one AMR common share and one half of one warrant to purchase a common share at Cdn $0.06 until May 25, 2017.
AMR and Pala have also entered into an Investor Rights Agreement pursuant to which AMR has granted Pala pre-emptive rights to subscribe for additional securities of AMR and the right to designate two nominees to the board of directors of AMR, provided Pala holds 10% or more of AMR's outstanding shares.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project in Vietnam, a 5 hour drive north-west of Hanoi, in which it has a 90% interest. For further details on the Corporation and the Ban Phuc Nickel Project, please refer to the website at www.asianminres.com.