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AsiaBaseMetals Inc. Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2022) - AsiaBaseMetals Inc.  (T...
About this update from Asiabasemetals Inc.
[{"type":"text","content":"AsiaBaseMetals Inc. Announces Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 1, 2022) - AsiaBaseMetals Inc. (TSXV: ABZ) (the \"Company\") is pleased to announce a non-brokered private placement for gross proceeds of up to CDN$550,000 through the sale of up to 5,000,000 units (\"Units\") at a price of CDN$0.11 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 CDN$0.14 per Share for a period of five years.The proceeds from the sale of the Units are intended to be used to settle certain outstanding indebtedness of the Company and 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 the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 (\"MI 61-101\"). The company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Units to be acquired by the participating directors and officers nor the consideration to be paid by such directors and officers is anticipated to exceed 25 per cent of the company's market capitalization.For more information, please email [email protected]. Contact InformationAsiaBaseMetals Inc.Raj Chowdhry, Chief Executive OfficerEmail: [email protected] 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 ...