Asia Now Resources Corp. (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. and 2,842,000 new common shares to Prime Orient Investments Limited at a price of $0.30 per common share for gross proceeds of approximately $13,572,600.
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.
Shareholders also elected the following individuals to the Corporation's board of directors to be effective upon the closing of the Private Placement:
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."
Source: Asia Now Resources Corp.