Toronto, Ontario – October 2, 2015. Asian Mineral Resources Limited (“AMR” or the “Company”) (TSX-V: ASN) announces that it has entered into share compensation agreements (the “Compensation Agreements”) with each of Evan Spencer, its CEO, and Sean Duffy, its CFO, to receive payment of each officer’s 2015 annual performance bonus in the form of common shares of AMR (“Shares”) in lieu of cash payment. The annual bonus to each officer has been approved by the compensation committee of the board of directors of the Company. The Compensation Agreements are subject to the approval of the TSX Venture Exchange (the “TSX-V”)
Under the terms of the Compensation Agreements, each officer will receive 4,687,900 Shares at a price of $0.05 per Share. The Shares will vest on the earlier of April 2, 2016 or a change of control of AMR, provided that such officer is still employed in his current position at AMR at such time. The Shares issued under the Compensation Agreements will be subject to a fourmonth hold period in accordance with the policies of the TSX-V.
The Company has also granted common shares options (the “Options”), 5,000,000 to Evan Spencer and 2,000,000 to Sean Duffy pursuant to its 2007 Stock Option Plan (the “Option Plan”). The Options are exercisable at $0.05 per share, expire on October 1, 2020 and vest in equal tranches, one-half immediately and one-half on December 31, 2015.
The Company is eligible to issue up to 10% of its issued and outstanding common shares at the applicable time under its Option Plan and there are currently 17,839,406 common shares of the Company reserved for issuance.
AMR is one of the few new sources of nickel sulphide supply globally. AMR commenced commercial production from its Ban Phuc nickel mine in Vietnam in mid-2013. The Ban Phuc mine currently produces over 6,400 tonnes of nickel and 3,200 tonnes of copper per annum contained in concentrate, plus a cobalt by-product.
In addition to in and near-mine expansion projects, Ban Phuc provides a cash-generative operating platform from which AMR can continue to focus on developing a new nickel camp within its 150km2 of concessions located throughout the highly-prolific Song Da rift zone, where AMR has a number of advanced-stage nickel exploration targets.
For further details on AMR, please refer to the technical report entitled “NI 43-101 Technical Report – Ban Phuc Nickel Project” dated February 15, 2013 available on SEDAR, and also visit the company website at www.asianmineralres.com.
For further information:
Telephone: +1 (416) 360-3412
This press release includes certain “Forward-Looking Statements.” All statements, other than statements of historical fact, included herein, including without limitation, statements regarding completion of the project, the commencement of production, the ability to pay outstanding debt, the ability to mine, sell and ship products, and the achievement of expected benefits, potential mineralization and reserve and resource estimates, exploration results and future plans and objectives of AMR are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AMR to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from AMR’s expectations are disclosed under the heading “Risk Factors” in AMR’s Annual Information Form, and elsewhere in AMR’s documents filed from time-to-time with the TSX-V and other regulatory authorities. Such forward-looking statements are based on a number of material factors and assumptions, including: that contracted parties provide goods and/or services on the agreed timeframes; that on-going contractual negotiations will be successful and progress and/or be completed in a timely manner; that application for permits and licences will be granted/obtained in a timely manner; that no unusual geological or technical problems occur; that plant and equipment work as anticipated and that there is no material adverse change in the price of nickel. Although AMR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release. AMR disclaims any obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.