Central Asia Resources Ltd Announces Convertible Note Financing And Appointment of New Chairman

Central Asia Resources Ltd announced that it has received commitments for Convertible Note Financing totalling AUD 750,000. This comprises AUD 500,000 from Millstar Holdings SA Panana and up to AUD 250,000 from clients of BW Equities. The material terms of these convertible notes includes, interest free, unsecured, One year term, convertible to ordinary shares in the Company at AUD 0.01 per share and conversion is at the option of the noteholder (lender) at any time to the date of maturity. The funds raised will be used to fund working capital and the Company’s immediate commitments in Kazakhstan. The Company also announced the appointment of Alan Hopkins to the board of the Company, he will take over as Chairman, and Guy Warwick will remain as a director.