TORONTO, Jan. 7 /CNW/ - Malaysia Smelting Corporation Berhad ("MSC") announced today that it and two of its affiliates have subscribed for 30,000,000 units of Asian Mineral Resources Limited ("AMR"), at a price of CDN $0.10 per unit, for an aggregate subscription price of CDN $3,000,000. Each unit consists of one common share and one common share purchase warrant exercisable at any time within one year of the issue date at an exercise price of CDN $0.15.
The investment is part of a non-brokered private placement by AMR of 59,000,000 units.
As a result of this investment, MSC and its affiliates hold 50,779,261 common shares (29.9%) of AMR on a non-undiluted basis and, upon exercise of the warrants, 80,779,261 common shares of AMR (35.0%) assuming exercise of all warrants or 40.0% assuming exercise only by MSC and its affiliates.
MSC and its affiliates are part of the Tecity Group, a Singapore-based group of companies controlled by family members of the late Dr. Tan Chin Tuan, including his daughter Dr. Tan Kheng Lian and her three children.
MSC and its affiliates are acquiring the AMR units for investment purposes. This investment in AMR will be reviewed on a continuing basis and these holdings may be increased or decreased in the future.
SOURCE MALAYSIA SMELTING CORPORATION BERHAD
For further information: For further information: Malaysia Smelting Corporation Berhad, Sharifah Faridah Abdul Rasheed, Phone number: (603) 2166-9260, E-mail: email@example.com