TORONTO, ONTARIO--(Marketwired - Oct 18, 2016) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) is pleased to announce that as part of its proposed acquisition of Kasbah Resources Limited ("Kasbah") (KAS.AX) (the "Proposed Kasbah Acquisition"), the Federal Court of Australia has today approved the Scheme Booklet for distribution to Kasbah shareholders and ordered that Kasbah convene the Scheme Meeting. AMR previously announced the Proposed Kasbah Acquisition by press release on August 10, 2016.
SCHEME MEETING AND SCHEME BOOKLET
The Scheme Meeting will be held at 10.00 am (WST) on Wednesday November 23, 2016 at BDO, The Hay Room, 38 Station Street Subiaco, Western Australia 6008. The Scheme Meeting has been convened so that Kasbah shareholders can consider and, if approved, agree to the proposal by AMR to acquire all of the ordinary shares in Kasbah by way of a Scheme of Arrangement in consideration of:
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0.13 AMR share CHESS Depositary Interests (CDIs) and 0.04 AMR warrant CDIs per Kasbah share held, with each CDI representing a beneficial interest in 10 AMR shares or 10 AMR warrants (as applicable); or
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if so elected, 1.3 AMR shares and 0.4 AMR warrants per Kasbah share held.
Copies of the Scheme Booklet are expected to be dispatched to Kasbah shareholders (either by post or electronically) on or about October 24, 2016.
Following lodgement of the Scheme Booklet with the Australian Securities and Investment Commission ("ASIC") further information on the Scheme and a copy of the Scheme Booklet will be found either at the Kasbah website (www.kasbahresources.com) or the ASIC website (http://www.asic.gov.au).
KASBAH DIRECTORS' RECOMMENDATION
The Board of Directors of Kasbah unanimously recommends that Kasbah shareholders vote in favour of the proposed Scheme, in the absence of a superior offer. Each Director of Kasbah intends to vote in favour of the Scheme with respect to any shares they hold or control, in the absence of a superior offer.
INDICATIVE TIMETABLE
| 23 November 2016 | Scheme Meeting | |
| 6 December 2016 | Second Court Hearing for approval of the Scheme | |
| 14 December 2016 | Record Date for determining entitlement to Scheme Consideration | |
| 21 December 2016 | Implementation of the Scheme and issue of the Scheme Consideration |
Note: The above dates are indicative only and are subject to change.
ABOUT AMR
AMR owns and operates one of the world's few sources of nickel sulphide ore, and is exploring for additional high-grade nickel assets in Vietnam. AMR commenced commercial production from its 90%-owned Ban Phuc Nickel Mine in Vietnam in mid-2013. As of 30 June 2016, the Ban Phuc Nickel Mine has produced a total of c. 20,000 tonnes of nickel and c. 10,000 tonnes of copper contained in concentrate, plus a cobalt by-product since the beginning of its mine life. As disclosed on 30 May 2016, the Ban Phuc mine has recently been placed under care and maintenance. In addition to in and near-mine expansion projects, Ban Phuc provides a 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.