TORONTO, ONTARIO--(Marketwire - Oct. 29, 2010) - Asia Now Resources Corp. ("Asia Now" or the "Corporation") (TSX VENTURE:NOW) announced that on October 27, 2010 its shareholders approved a non-brokered private placement whereby, subject to final approval of the TSX Venture Exchange and satisfaction of the conditions of closing, Asia Now will issue 42,400,000 new common shares to China Gold Pte. Ltd. ("China Gold") and 2,842,000 new common shares to Prime Orient Investments Limited ("Prime Orient") at a price of $0.30 per common share for gross proceeds of approximately $13,572,600 (the "Private Placement").
Upon closing of the Private Placement, China Gold is expected to hold approximately 49.9% of the common shares of Asia Now on an undiluted basis and 47.5% on a fully diluted basis.
Approval was also obtained at the special meeting of shareholders held on October 27, 2010 for certain amendments to Asia Now's by-laws and for fixing the number of directors of the Corporation at eight (8), the details of which are more fully described in the Corporation's information circular dated September 27, 2010, which is available on SEDAR at www.sedar.com.
Shareholders also elected the following individuals to the Corporation's board of directors to be effective upon the closing of the Private Placement:
- Kaihui Yang - Chan Wing Kwong
- D. Richard Brown - Ng Tai Chiu
- Muliawan Sutanto - John Lee Luen Wai
- Gordon McCreary - Alex Tjokrorahardjo
The approval of the resolutions noted above, and the election of directors to the Corporation's board are conditions precedent to the closing of the Private Placement. These resolutions and the election of directors will become effective only upon the closing of the Private Placement, which is expected to take place in the coming weeks and in any event, before November 30, 2010.
Asia Now president Dr. Kaihui Yang commented "We are excited that shareholders have approved the Private Placement, which will allow Asia Now to embark on an accelerated program of drilling at the Beiya property to follow up on the very encouraging results already encountered there."
About Asia Now:
Asia Now Resources Corp. is a mineral exploration company, exploring potential world-class ore deposits in China with the aim of developing them. The Corporation has established offices, joint ventures and a significant network with the Chinese mining industry and governments. Under the leadership of an experienced international board and management team, the Corporation has been operating smoothly in China since 2002. The Corporation is currently drilling at its key Beiya project which is located in the Yunnan Province of China. The project has large mineralization belts with potential for significant discoveries. For more information, please visit www.asianow.ca.
About China Gold:
China Gold is a subsidiary of Lippo China Resources Limited ("LCR") (stock code: 156) whose shares are listed on The Stock Exchange of Hong Kong Limited, with consolidated net asset value attributable to equity holders of approximately HK$3.5 billion as at June 30, 2010. The principal activities of LCR and its subsidiaries are investment holding, property investment and property development. For more information about LCR, please visit www.lcr.com.hk.
About Prime Orient:
Prime Orient is a company incorporated in the British Virgin Islands and is engaged in investment holdings.
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 Corporation'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 contained in this Press Release including such forward-looking statements, unless otherwise required under applicable law.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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