Proceeds from the 1 for 8 rights issue of 55,870,162 shares priced at $0.18 each will fund investments in its current portfolio and investigate business opportunities.
The rights issue closed oversubscribed with applications for 39,433,711 shares from eligible shareholders and applications for 23,063,639 shares under the shortfall facility.
It was fully underwritten by its three largest shareholders, FY Holdings Limited, Ruby Bridge Group Limited and Suntimes International Ltd.
Chairman Min Yang acquired 7,803,750 shares for a total of $1,404,675, bringing her total shareholding up to 70,520,250 shares.
Director Quan Fang also acquired 7,803,750 shares for a total of $1,404,675, giving him a total shareholding of 70,243,750.
Both Yang and Fang are associated with FY Holdings.
Non-executive director Wai Sang Ho has acquired 14,982,187 shares totalling $2,696,793.66 under the rights issue.
He also received 1 million incentive shares, increasing his holding up to 28,857,187 shares, or a substantial shareholding of 5.42%.
Vice chairman Nga Fong Lao acquired 1,709,750 shares through the rights issue for a total of $307,755.
Together with the 1 million incentive shares he received, Lao now has 16,387,750 shares.
Non-executive director Xin Zhang, who is also a director of Suntimes International, acquired 5 million shares in the rights issue.
Zhang now holds 46 million shares including the 1 million incentive shares that he received.
The company has a 16.1% interest in ActivEX Limited (ASX:AIV), which holds a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.
ASF has base metal tenements in Tasmania following its acquisition of Austin Resources Pty Ltd and ASF Copper Pty Ltd from Profit Achieve Holdings Limited in March 2014 as well as 27 Exploration Permits in Queensland.
The company finished the June quarter with $2,502,698 at bank.
The strong participation by the ASF's directors in its $10 million rights issue demonstrates their confidence in the company's performance and its assets.
It also aligns the interests of the company with ASF directors.
The funding will support the company's projects.
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