Mining Weekly reported Asian Mineral Resources (TSXV:ASN) shareholders on Friday proceeded with a C$6.5-million private placement to Pala Investment Holdings.

As quoted in the market news:

During a special shareholder meeting, shareholders approved the creation of a “control person”, which was a precondition for the company to close a deal with the financier.

By moving ahead with the Pala placement, AMR shareholders effectively rejected a hostile takeover bid launched earlier in the week by the world’s biggest nickel and palladium producer, Norilsk.

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