Asian Mineral Resources Announces Divestment of Ban Phuc Nickel Mine

Asian Mineral Resources Limited (TSXV:ASN) has announced that it has entered into an agreement to divest its 90 percent ownership interest in the Ban Phuc nickel mine in Vietnam to Ta Khoa Mining Limited.

As quoted in the press release:

Under the terms of the sale agreement, the consideration for the sale is the assumption of existing trade payables, tax and other creditor liabilities of AMR’s subsidiary, Ban Phuc Nickel Mines LLC (BPNM), totalling over US$3,500,000. Further, AMR will retain the rights to receive 50 percent of any sale proceeds in excess of US$2,000,000 from the sale of the Vietnamese assets completed less than 6 months after closing of the Sale Agreement, and 25 percent of any sale proceeds in excess of US$2,000,000 from the sale of the Vietnamese assets completed between 6 and 18 months after closing of the Sale Agreement. The transaction will be put to AMR shareholders for approval at a meeting to be held in July 2018.

Click here to view the full Asian Mineral Resources (TSXV:ASN) press release.