AsiaBaseMetals Inc. Announces 2019 AGM Results

VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- AsiaBaseMetals Inc. (the "Company") (TSX-V: "ABZ") is pleased to announce the results of the Annual General Meeting of shareholders of the Company held in Vancouver, British Columbia on April 29, 2019. All of the resolutions put forward at the meeting were approved.

The Company's shareholders voted to fix the number of directors of the Company at five and elected the five nominees to the board of directors (the "Board"). Each of the directors will serve for a one-year term and hold office until the next annual meeting of shareholders. The following table sets forth the vote of the shareholders at the meeting with respect to the election of directors.

The shareholders also re-appointed Manning Elliott LLP, Chartered Accountants as the auditor of the Company and approved the renewal of the Company's stock option plan.

The Company, focused only in the mining sector to date, while continuing to advance its current mining projects forward and pursuing additional mining opportunities has also decided to diversify its portfolio, including possible acquisitions in non-mining industries, including offshore cannabis opportunities. No agreements in respect of any potential acquisition transaction have been entered into to date and there can be no assurance that the Company will enter into any such agreements.

"With the mining sector markets currently still awaiting a turnaround, the Company has decided to evaluate opportunities in non-mining sectors as well. This will allow the Company to not only seek out additional mining projects with exciting potential, as the Company is currently doing in Myanmar, but to also to move into new market sectors; the sectors of tomorrow such as the new cannabis sector. The Company will consider opportunities and acquisitions in the cannabis sector only in fully legal jurisdictions before commencing business. The Company intends to retain commodity and business focus as projects are identified and acquired by plan of arrangement spin-out transaction(s) in the same manner as when AsiaBaseMetals Inc. was originally formed," stated Raj Chowdhry, Chief Executive Officer and Chairman.

About AsiaBaseMetals Inc.

AsiaBaseMetals Inc., a mining company led by an experienced and successful business and mining team, is prudently advancing its 100% owned Gnome Project and its 100% owned Jean Iron Ore Project in world-class mining districts in Canada, one of the safest and mining friendly jurisdictions in the world. 

In addition, the Company is evaluating new opportunities to further diversify its portfolio, including possible acquisitions in non-mining industries, including offshore cannabis opportunities, subject to regulatory approvals, as applicable. No agreements in respect of any potential acquisition transaction have been entered into to date and there can be no assurance that the Company will enter into any such agreements.

The Company intends to retain commodity focus as projects are identified and acquired by plan of arrangement spin-out transaction(s) in the same manner as when AsiaBaseMetals Inc. was originally formed.

For more information please 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 possible acquisitions and spin-out transactions and the Company's exploration and other plans, may 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 will obtain the necessary regulatory approvals for any acquisitions and spin-out transactions, and the Company will be able raise required funds. 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 of possible acquisitions and spin-out transactions, and changes in the Company's plans. 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.