ASF Group Limited (ASX:AFA)(PINK:ASFTF) is pleased to announce that the Board of Directors has approved the issuance of up to 18 million new shares in the Company at not less than market price to a small number of sophisticated investors.
The placement proceeds will be used for working capital purposes and to fund the proposed exploratory drilling on the Company's Western Australian tenements this year.
Accordingly, the Company intends entering appropriate Drilling contracts to further explore for thermal coal deposits with the intention of drilling in excess of 10,000 metres on the Canning Basin, W.A. tenements during the latter part of 2009.
The Company will advise the market when drilling commences and subsequently will announce the drilling results as appropriate when available.
ASF Group is the integrator for Australia-China Energy & Resource business.
About ASF Group Limited
ASF Group Limited (ASF) is engaged in property services and development, including property project marketing of developments in Australia and China, partnering and facilitating projects in areas, such as resource, mining and related technology, travel services and educational services. The Company is also involved in the research and development of an internal combustion engine using the Scotch Yoke Technology, and the marketing of the technology. On June 28, 2006, ASF acquired 40% of a joint venture company, ASF Macau Multinational Limited. On April 19, 2006, the Company acquired ASF Properties Pty Ltd. On September 9, 2005, the Company disposed its wholly owned entity, CMC Power Technologies Pty Ltd. Some of ASF's subsidiaries include ASF Corporate Pty Ltd, Aria Power Products Inc. and PRD Nationwide China Pty Ltd. In January 2007, FY Holdings Limited purchased a 57.51% stake in the Company.
Contact
Barry NealCompany Secretary
Ph: +61-2-9251-9088
Fax: +61-2-9251-9066
www.asfgroupltd.com
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