Asia Now Resources intends to use more than Can$13.5 million raised in a private placement to accelerate drilling at the Beiya project in Yunnan Province.
The placement will see the company issue more than 42 million shares to China Gold Pte Ltd and more than 2.8 million shares to Prime Orient Investments.
Upon closing of the placement China Gold will hold about 49.9% of the common shares of Asia Now on an undiluted basis.
A special meeting of shareholders approved the placement and agreed to fix the number of directors of the corporation at eight.
The following directors have been elected to be board upon closing of the placement - Kaihui Yang, Chan Wing Kwong, D Richard Brown, Ng Tai Chiu, Muliawan Sutanto, John Lee Luen Wai, Gordon McCreary and Alex Tjokrorahardjo.
Asia Now's president Kaihui Yang says, “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.”
Asia Now Resources is exploring potential world-class ore deposits in China with the aim of developing them.
The corporation is currently drilling at its key Beiya project which has large mineralization belts with potential for significant discoveries.
China Gold is a subsidiary of Lippo China Resources Limited while Prime Orient is a company incorporated in the British Virgin Islands and is engaged in investment holdings.