Resources sector investor Aorere Resources Ltd (NZX: AOR) says that one of its major investments is now taking a new course.
Aorere told the NZ bourse that Asian Mineral Resources Ltd (TSX-V: ASN) has issued more than 4.766 million shares at $C0.50 per share to extinguish a liability of more than $C2.38 M with some company creditors.
Separately, Asian Mineral has struck an agreement with a group of investors who have advanced $C360,000 to the company leading to a future equity financing.
Well known Australian mining and investment identity Robin Widdup decided to resign as chairman and that role will be taken up by New Zealander Chris Castle, who is both managing director of Aorere and Chatham Rock Phosphate Ltd (TSX-V: NZ; NZAX: CRP). Castle has been a director of Asian Mineral Resources since 2000, and was chairman during what has been described as the company’s “formative years.”
ASN’s chief executive Duncan Blount thanked Widdup for his role in a challenging phase, as the company operated the Ban Phuc nickel mine in Vietnam and had to endure some issues with the Government.
In July, the company announced sale of Ban Phuc and also entering an option agreement with Island Time Exploration Ltd for the right to acquire up to 75% interest in four mineral titles totalling 3,687 hectares east of Duncan in Ontario, in the Victoria Mining Division, whose primary target is volcanogenic, polymetallic massive sulphides.