Vancouver, BC - March 23, 2016 - AsiaBaseMetals Inc. ("AsiaBaseMetals" or the "Company") (TSX-V: "ABZ") announces that the Company has borrowed the amount of $203,000 from a non-executive director of the Company. The loan is unsecured, bears interest at 3% per annum and is repayable on demand. No securities are issuable in connection with the loan. The proceeds from the loan were used to repay outstanding accounts payable.
The loan is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(b) of MI 61-101 (as a result of the Company's shares being listed on the TSX Venture Exchange) and section 5.7(f) of MI 61-101 (as a result of the transaction involving a loan without any equity component).
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Raj Chowdhry, Chief Executive Officer and President