AsiaBaseMetals Inc. (the "Company") became an independent publicly reporting company effective September 30, 2009 pursuant to the completion of plan of arrangement ("POA") completed by Tintina Resources America Inc. [name changed to Sandfire Resources America Inc. (TSX.V: SFR") effective February 2, 2018].
AsiaBaseMetals Inc. Undertakes and Completes Plan of Arrangement ("Spin-Out") and Creates Three (3) Independent Publicly Reporting Companies (September 2, 2020):
(1) Mantra Exploration Inc. ("MEI)
(2) Mantra 2 Real Estate Inc. ("MRI)
(3) Mantra Pharma Inc. ("MPI")
The independent public reporting company status of the three (3) Mantra companies (noted above) resulted upon completion of a court approved statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement") undertaken and executed by AsiaBaseMetals Inc. with approval from the TSX Venture Exchange (TSX.V") and the British Columbia Courts.
In accordance with the Plan of Arrangement, among other things:
- Mantra 2 Real Estate Inc. acquired the option to purchase a real estate project (under option) in Croatia from AsiaBaseMetals Inc.; and
- Mantra Pharma Inc. acquired a medical marijuana project (undertaken with a city) in Croatia (part of the European Union (EU) from AsiaBaseMetals Inc.
In consideration of the foregoing, the shareholders of AsiaBaseMetals Inc., as of the record date, received one common share in the capital of each of:
- Mantra Exploration Inc.
- Mantra 2 Real Estate Inc., and
- Mantra Pharma Inc.
As a result, upon completion of the Plan of Arrangement, as noted above, each of the three Spin-Co's ("Spin-Co's") ceased to be a wholly owned subsidiary of AsiaBaseMetals Inc. as of the record date, and became an independent publicly reporting company; with each company seeking a listing on a Stock Exchange.
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