Chairman/CEO Jim Bickel is Appointed as Director of the ASX Listed Company.
DANVILLE, Calif., Apr 12, 2011 (GlobeNewswire via COMTEX News Network) --
S3 Investment Company, Inc. (Pink Sheets:SIVC)/Redwood Capital today announced the completion of the acquisition transaction, ASX listing and a $10 million Public Offering capital raise for Redwood Capital client Mongolian Resource Corporation (MRC). As a result of the acquisition, Alamar Resources Limited, which is traded on the Australian Stock Exchange under the ASX Code ALG, will change its name to Mongolian Resource Corporation Ltd. Redwood Capital acted as the Asian merchant banking financial advisor for MRC.
Alamar Resources Limited announced that it has completed a capital raise of 40,000,000 shares at $0.25 per share. These proceeds will be used to fund the acquisition, exploration and development of the MRC Mongolian assets and for general working capital purposes. Information regarding the exploration and development 2011 plans for the assets of MRC will be announced when it becomes available.
Jim Bickel, Chairman and CEO of S3/Redwood, is one of three new directors appointed to the Alamar Resources Limited board as part of the transaction. In its announcement regarding the appointments, Alamar Resources Limited noted that the new directors "bring a wealth of international and Mongolian business experience to the board and will be critical in managing the growth of the Company in the future."
"We are very pleased to announce this closing and financing for MRC, the first Redwood Capital Mongolian client to be listed on the Australian Stock Exchange," commented Mr. Bickel. "Our staff and partners in the UK, Mongolia and Australia, have worked tirelessly on behalf of this client, and to see the hard work of all of the parties involved culminate in a successful close is extremely rewarding. I look forward to continuing our work with MRC as a company publicly traded in Australia, as well as continuing to expand the reach of Redwood Capital with new partners, clients and new markets."
Redwood's Managing Director Matthew Totty stated, "I am extremely excited about Mongolia and working full time in country on a number of new projects with our local partners. We feel the ASX is a natural place for Mongolian mining companies to list and MRC has been well received."
MRC is a diversified mining company engaged in the acquisition, development and operation of resource properties in Mongolia, particularly late stage or current producing mines. MRC's objective is to build shareholder value by maximizing the potential of its current properties and leveraging its financial strength and experience to acquire new long-life, low-cost projects. The company's current assets include gold, coal and iron ore.
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About S3 Investment Company, Inc./ Redwood Capital
S3 Investment Company, Inc. (http://www.redwoodgroupint.com) and its Redwood Group International subsidiaries are focused on building and advising businesses operating in the Mongolian and Greater China market, including Redwood Capital, Inc., which assists private companies in the capital markets. Additional Redwood subsidiaries include Redwood Medical, Inc., which assists companies seeking to import and distribute Western medical technologies and products into the China market, Redwood Asia Fund, and Redwood Capital Securities.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
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SOURCE: S3 Investment Company, Inc.
CONTACT: S3 Investment Company Investor Relations email@example.com (C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.