Vancouver, BC – June 1, 2018 – AsiaBaseMetals Inc. (the “Company”) (TSX-V: “ABZ”) is pleased to announce the results of its annual general meeting of shareholders held in Vancouver on May 30, 2018 and appointment of Mr. Yuvraj Solanki to the Advisory Board of the Company.
Mr. Solanki, an entrepreneur with over 10 years of hands-on mining experience, especially in India and Ethiopia, is a board member and the Executive Director of Sainik Mining and Allied Services Limited. In those capacities, Mr. Solanki played a major role in the drilling, exploration and development of a Potash project (“Danakil Potash Project”) located in the Danakil depression in North-Eastern Ethiopia. Sainik Mining was recently awarded a Mine Development and Operation project (PB Block –located in the state Jharkhand, India), being one of the largest MDO contracts for coal mining in India. The project is anticipated to mine 15 million tonnes of coal annually for the next 25 years. Yuvraj holds a B.A. in Business Studies from the University of De Montfort, Leicester, UK.
“It’s my pleasure to welcome Mr. Solanki to the Advisory Board of AsiaBaseMetals Inc. Yuvraj’s extensive experience in the mining industry, understanding of the markets and ability to source and develop exploration and advanced projects make him an ideal choice to provide guidance to the Company’s team. Having had the pleasure of knowing the Solanki family, including both Kuldeep Solanki (director of XLR Capital – 23% shareholder of Yara Dallol B.V., the holder of the Danakil Potash Project) for over 15 years and Yuvraj Solanki for over ten years, and the opportunity to follow their accomplishments, I’m sure the Company will benefit from Yuvraj’s knowledge and relationships. Mr. Solanki will join the Company’s already impressive Advisory Board, comprised of Mr. Joe Piekenbrock, Mr. Carl Herring, Mr. Sorin Posescu, Mr. Stephen Leahy, Mr. Bob Jacko, Mr. Rafael Ovallos and Mr. Andrew Bowering.” stated Chairman of the Board & CEO, Raj Chowdhry.
Annual General Meeting Results
All six of the nominees listed in the Company’s management information circular dated April 23, 2018 were elected as directors of the Company, being Raj Chowdhry, Henry Park, Jason Sutherland, Bruce Bragagnolo, Terrylene Penstock and Ioannis (Yannis) Tsitos.
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.
Change in Advisory Board
The Company also announces the resignation of Bryce Clark as a member of the Advisory Board of the Company. The Company wishes to thank Bryce for his service and wishes him all the best as he pursues his other commitments.
Share Capital - Forward Split
As previously announced, the Company will proceed with the forward split of its common shares on a one-and-one half for one basis. Further details will follow.
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Raj Chowdhry, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the intention to split the Company's Shares, 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 approvals of the Forward Split. 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 and inability to complete the Forward Split. 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.