TORONTO, Sept. 10 /CNW/ - Asia Now Resources Corp. ("Asia Now") (TSXV:
NOW) is pleased to announce it has called a special meeting of its
shareholders for October 6, 2008 to approve a proposed non-brokered private
placement (the "Private Placement") of 8,533,681 common shares at $0.50 per
common share to China Gold Pte. Ltd. ("China Gold"), a subsidiary of Lippo
China Resources Limited, for gross proceeds of $4,266,840.50. Upon completion
of the Private Placement, it is anticipated that China Gold will hold 29.13%
of Asia Now's issued and outstanding common shares. The common shares issued
pursuant to the Private Placement will be subject to a statutory hold period.
Closing of the Private Placement is subject to the parties settling a
subscription agreement, and receipt of regulatory and shareholder approvals.
Pursuant to TSX Venture Exchange rules, Asia Now is required to obtain
shareholder approval for the Private Placement, as the share issuance to China
Gold will result in the creation of a new "Control Person", as defined in the
TSXV Corporate Finance Manual. Pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security holders in Special Transactions ("MI 61-101"),
Asia Now is required to obtain "minority approval" (as defined in MI 61-101)
for the Private Placement, as the Private Placement constitutes a "related
party transaction". An information circular in connection with the special
shareholders' meeting, dated August 29, 2008, is filed on SEDAR and is being
delivered to shareholders.
The proceeds of the Private Placement will be used for exploration and
development of Asia Now's properties in China, in particular, the two key
projects at Habo and Beiya in Yunnan Province, as well as for general
corporate and working capital purposes.
"We are very pleased that Lippo Group has shown a high-level of
confidence in Asia Now's team, " said Dr. Kaihui Yang, President and Director
of Asia Now. "With Lippo's financial strength and its extensive experience and
relationships in China, Asia Now is positioned to consider additional
opportunities, including producing assets, to take Asia Now to the next stage
of fast growth."
On August 7, 2008, Asia Now issued a press release announcing the
completion of a non-brokered private placement with China Gold for aggregate
proceeds of $5,733,160.
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,