AMANTA RAISES PRIVATE PLACEMENT FUNDS, HOLDS AGM.
October 7, 2009
Vancouver, B.C. Canada
Private Placement
Amanta Resources Ltd. (the “Company”) announces that it has closed another tranche of its previously announced non-brokered private placement financing.
This tranche consists of 2,300,000 units (the “Units”) of the Company, at a price of $0.07 per unit, for gross proceeds of $161,000.00. Each Unit consists of one common share and one half of a non-transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.12 per share for a period of 12 months from closing and for a further 12 months at $0.15.
The securities are subject to a hold period expiring January 2, 2010. The Company has agreed to pay a finder’s fee, totalling $1,260.00, in connection with this financing.
Under the present private placement, the Company has now raised a total of $553,000.00, comprising 7,900,000 units at a price of $0.07.
Net Proceeds will principally be used to further the Company’s copper interests in Laos and for general working capital.
Annual General Meeting
On September 18, 2009 Amanta held its Annual General Meeting. Shareholders elected the following persons to serve as Directors of the Company:
Pieter J. Bakker, Patrick Cauley, David P. Long, Robert Forrest and Gerald D. Wright.
The Company’s Audit Committee will comprise:
Robert Forrest (Chairman), David P. Long and Gerald D. Wright.
Shareholders also adopted an updated form of Articles consistent with the provisions of the British Columbia Business Corporations Act.
The meeting also voted to amend the exercise price of 1,925,000 stock options (the “Options”) held by Directors of the Company. Only ‘Disinterested’ shareholders were permitted to vote in connection with the re-pricing of the Options, which were originally granted on various dates between 2005 and 2007 and were exercisable at prices ranging from $0.30 to $0.33 per share. Pursuant to the amendment, the Options will be exercisable at a price of $0.10 per share for the remainder of the term of each Option. The new price reflects current market conditions.
Amanta Resources Ltd. is focused on mineral exploration and development in Laos and Thailand. Amanta is focused solely on its copper interests in Laos, and is looking to divest itself of its gold and tungsten projects in Thailand. The Company is currently developing the Luang Namtha copper project in the Lao PDR, under a Joint Exploration Agreement with Japan Oil, Gas and Metal National Corporation (JOGMEC).
on behalf of the board of
AMANTA RESOURCES LTD.
“Gerald D. Wright”
Gerald D. Wright,
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.