TORONTO, Oct. 28 /CNW/ - Asia Now Resources Corp. ("Asia Now") (TSXV:
NOW) announces that its shareholders have approved a proposed non-brokered
private placement at a special meeting of its shareholders held October 6,
2008. The proposed private placement (the "Private Placement") is for
8,533,681 common shares of ANR at $0.50 per common share to China Gold Pte.
Ltd. ("China Gold"), a subsidiary of Lippo China Resources Limited, for gross
proceeds of $4,266,840.
Pursuant to TSX Venture Exchange rules, Asia Now also received the
required shareholder approval for the potential creation of a new "Control
Person", as defined in the TSXV Corporate Finance Manual and "minority
approval" required pursuant to Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101"). For
additional details on the proposed transaction, ANR refers to its previous
press release of September 10, 2008.
At this time, the second tranche of funds representing the remaining 43%
of Lippo Group's proposed investment have not been received. While Asia Now
has received no assurances that the money will be shortly forthcoming, the
Company does appreciate the first tranche and there have been no changes to
the working relationship between the companies, which are jointly exploring
cash flow mining opportunities for Asia Now.
In accordance with the terms of the private placement with China Gold
that closed on August 7, 2008, ANR also appointed two new directors to its
board. The Company is pleased to welcome Dr. Cheng-Wen Cheng and Mr. Marshall
Cooper to the board.
Dr. Cheng brings the board over 30 years of international experience in
research and development, marketing and general management. Dr. Cheng was an
executive Director, the CEO and the President of AcrossAsia Limited from June
2000 until May 2006 when he retired from the executive positions to take the
position of non-executive Director and Chairman of the Board. He concurrently
serves as the President Commissioner of PT Matahari Putra Tbk and PT
Multipolar Tbk, a Commissioner of PT First Media Tbk and the Chairman of
Robbinz Department Stores in China. Dr. Cheng was the Chief Executive of the
Provisional Hong Kong Science Park Corporation and has served as the Chief
Operating Officer and Executive Vice President of Philips Electronics Group in
China/Hong Kong and Taiwan, President of Taiwan Gadelius Limited (an ABB
subsidiary) and other executive positions in Belgium and the United States of
America. He holds a Bachelor of Science degree from National Cheng Kung
University, Taiwan, and a Master of Science and PhD degrees in Electrical
Engineering from Iowa State University, USA.
Mr. Marshall Cooper offers the ANR board of directors over 20 years of
experience working in Asia. He has been an Executive Director of AcrossAsia
Limited since May 2002 and the Chief Executive Officer of AcrossAsia Limited
since May 2006. Previously, Mr. Cooper was the Chief Financial Officer of
AcrossAsia Limited and a Director and the CEO of PT First Media Tbk. He is
also a Commissioner of PT Multipolar Tbk and PT First Media Tbk and served as
AsiaPacific controller for an oil and gas service company and as regional
controller for a mining company. He holds a diploma from Perth Institute of
Dr. Kaihui Yang, President of the Company stated, "Asia Now feels the
depth of experience and skill sets that Mr. Cooper and Dr. Cheng bring to the
Company compliment the already diverse board. ANR looks forward to making the
most of this talented team to keep the Company on track toward its goal of
building shareholder value through effective exploration."
About Asia Now Resources:
Asia Now Resources Corp is a mineral exploration company active in China
since 2002. The Company has established offices, joint ventures and a
significant network with Chinese partners. Current projects include copper,
gold and silver at three major projects, with drilling underway at two of
these. Under the leadership of an experienced management team, the Company has
a sound balance sheet to take exploration into the next phase. For more
information, please visit www.asianow.ca.
About China Gold Pte. Ltd.:
China Gold Pte. Ltd. is a subsidiary of Lippo China Resources Limited
("LCR") (stock code: 156), a member of Lippo Group and a company listed on The
Stock Exchange of Hong Kong Limited, with consolidated net asset value
attributable to equity holders of approximately HK$3.6 billion as at 31st
December, 2007. The principal activity of LCR is investment holding, retail
business as well as property development and investment. For more information
about LCR, please visit www.lcr.com.hk.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for this news release.
This Press Release contains certain forward-looking statements. We have
tried, whenever possible, to identify these forward-looking statements using
words such as "anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential" and similar expressions. These statements reflect our
current belief and are based upon currently available information.
Accordingly, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the Company's actual
results, performance or achievements to differ materially from those expressed
in or implied by such statements. We undertake no obligation to update or
advise in the event of any change, addition, or alteration to the information
catered in this Press Release including such forward-looking statements,
unless otherwise required under applicable law.
For further information:
For further information: Kaihui Yang, President, or Christina Wilton,
Corporate Secretary, Asia Now Resources Corp., (416) 364-7281,
firstname.lastname@example.org, www.asianow.ca; Investor Relations: Peter Weichler/Jeff
Walker, The Howard Group Inc., Toll Free: 1-888-221-0915,