LAST BUT NOT LEAST — Royal Oak completes placement

A private placement agreement between Royal Oak Mines (TSE) and Asia Minerals (VSE) is complete.

Royal Oak bought 5.6 million shares of the company for $2 million and can buy an additional 5.6 million common shares at prices ranging from 46 cents up to $1, until Sept. 30, 1998.

On a fully diluted basis, Royal Oak would own 51% of Asia Mineral’s shares. Royal Oak can also acquire a minimum half interest in any of that company’s Chinese properties.