Asian Mineral Resources Limited (“ASN” or “Company”) announced today that it has closed its previously announced private placement of 1,375,150 common shares at US$2.00 a share for gross proceeds of US$2,750,000. The buyers include Asian Lion Ltd and Dragon Capital Management Limited of Vietnam. The common shares issued today are subject to a hold period that expires on October 26, 2007.
The proceeds of the placement will be used for expenditures on the Company’s Ban Phuc Nickel Project in northern Vietnam and for general working capital purposes.
Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc Nickel Project in which it now has a 90% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometres of highly prospective ultramafic hosted nickel occurrences.