VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/05/14 --
AsiaBaseMetals Inc. ("AsiaBaseMetals" or the "Company") (TSX VENTURE: ABZ) is pleased to announce that it has completed the previously announced non-brokered private placement (the "Private Placement") of 4,250,000 common shares at a price of $0.05 per share, raising gross proceeds of C$212,500. The shares are subject to a four month hold period that expires on September 3, 2014.
The Company paid a cash finder's fee, to a non-related third party, of $4,000 on a portion of the offering equal to 8% of the aggregate gross proceeds received from subscribers introduced to the Company by the finder, in accordance with the policies of the TSX Venture Exchange.
The proceeds from the Private Placement will be used by AsiaBaseMetals for general working capital.
Steven Khan, Rick Van Nieuwenhuyse and Raj Chowdhry acquired securities under the private placement. Their participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. The purchase is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to them, or the consideration paid, exceeded 25% of the Company's market capitalization.
For more information please visit www.asiabasemetals.com.
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.
AsiaBaseMetals Inc.Steven N. Khan (MBA, CFA)
Interim Chief Executive Officer and President
Source: AsiaBaseMetals Inc.