Authorization

Asian Mineral Resources Completes Acquisition of Economic Interest in the Oza Oil Field Located in Niger Delta of Nigeria

TORONTO, July 17, 2020 (GLOBE NEWSWIRE) -- Asian Mineral Resources Limited (the a??Companya??) (ASN-TSX Venture) is pleased to announce that further to its press releases dated November 20, 2019, December 16, 2019, February 5, 2020, March 5, 2020 and March 31, 2020, it has closed its acquisition (the a??Acquisitiona??) of all of the issued and outstanding shares of Nigerian-based Decklar Petroleum Limited (a??Decklara??). Decklara??s sole asset is a Risk Service Agreement (a??RSAa??) with Millenium Oil and Gas Company Limited (a??Milleniuma??). Millenium is the owner of the Oza Field located onshore in the northern part of Oil Mining License 11 in the Eastern Niger Delta of Nigeria. The RSA entitles Decklar to cost recovery and a share of distributable funds from the Oza Field in exchange for technical and financial support. As a condition of closing, 10,000,000 outstanding common share purchase warrants (a??Warrantsa??) of the Company were exercised. As a result of closing the Acquisition, there are currently 54,279,773 common shares (a??Sharesa??) of the Company issued and outstanding.
The aggregate purchase price (the a??Purchase Pricea??) was CDN$8,550,000, payable through the issuance of 30,000,000 Shares based on a deemed value of CDN$0.285 per share. Of the aggregate Purchase Price, 22,000,000 Shares were issued to the former shareholders of Decklar in connection with closing of the Acquisition with the balance of 8,000,000 Shares being payable only if the Oza Field achieves a minimum production rate net to Millenium of 1,000 bbls/d within 12 months of closing. All of the Shares issued in connection with the Acquisition are subject to a statutory four-month hold period expiring on November 17, 2020.For further information: Paula Kember
Chief Financial Officer A A A Telephone: (416) 360-3412Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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