AsiaBaseMetals Inc. Announces Private Placement and Issuance of Securities for Debt Settlement
AsiaBaseMetals Inc. Announces Private Placement and Issuance of Securities
for Debt Settlement
Not for distribution to United States newswire services or for dissemination in the United States
VANCOUVER, British Columbia, Nov. 06, 2019 -- AsiaBaseMetals Inc. (the "Company") (TSX-V: "ABZ") is pleased to
announce a non-brokered private placement for gross proceeds of up to $350,100 through the sale of up to 1,945,000 units
("Units") at a price of $0.18 per Unit (the " Private Placement "). Each Unit will consist of one common share of the Company
(a "Share ") and one transferable common share purchase warrant (each, a " Warrant "). Each Warrant entitles the holder to
purchase an additional Share at a price of $0.25 per Share for a period of two years.
The proceeds from the sale of the Units are intended to be used for general working capital.
The Private Placement is subject to acceptance by the TSX Venture Exchange. All securities issued pursuant to the Private
Placement will be subject to a four month hold period from the date of issue.
Certain directors and officers of the Company are expected to acquire securities under the Private Placement. Such
participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 (" MI 61-
101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The Company also announces, further to its news release dated October 1, 2019, that the TSX Venture Exchange has
approved the issuance of 51,418 units of the Company at a price of $0.35 per unit in settlement of outstanding debt totalling
approximately $17,996 (the " Debt"). Each such unit comprises of one common share in the capital of the Company and one
transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional common share
at an exercise price of $0.38 for a period of 24 months. Accordingly, the Company has issued the 51,418 units and the Debt is
extinguished.
For more information, please email [email protected].
Contact Information
AsiaBaseMetals Inc.
Raj Chowdhry, Chief Executive Officer
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements
regarding the Company's intention to carry out the Private Placement and the use of proceeds from the Private Placement
constitute “forward-looking information” within the meaning of Canadian securities legislation. In making the forward-looking
statements in this release, the Company has applied certain factors and assumptions that the Company believes are
reasonable, including that the Company is able to obtain regulatory approval of the Private Placement, the Company will be
able to use the proceeds of the Private Placement as anticipated and that the Company is otherwise able to complete the
Private Placement. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and
other factors that may cause future results to differ materially from those expressed or implied in such forward-looking
statements. Such uncertainties and risks include, among others, financing risks, delays in obtaining or inability to obtain
required regulatory approvals, inability to use the proceeds from the Private Placement as anticipated and inability to complete
the Private Placement. There can be no assurance that such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue
reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to,
update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as
required by law.