VANCOUVER, British Columbia, July 20, 2020 (GLOBE NEWSWIRE) — AsiaBaseMetals Inc. (TSX.V: ABZ) (the “Company”) is pleased to announce that it has entered into an arrangement agreement (the “Arrangement Agreement“) with its newly incorporated wholly-owned subsidiaries, Mantra Exploration Inc. (“SpinCo 1”), Mantra Pharma Inc. (“SpinCo2”) and Mantra 2 Real Estate Inc. (“SpinCo 3”, and collectively with SpinCo1 and SpinCo 2, the “SpinCo Entities”) pursuant to which the parties intend to complete a spinout transaction by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).  Additionally, the Company is pleased to announce that it has received an Interim Order from the Supreme Court of British Columbia (the “Court“) on July 17, 2020. The Interim Order provides for, among other things, the holding of the annual general and special meeting (the “Meeting”) of shareholders of the Company (“Shareholders”) to approve the Arrangement and the conditions that must be met to apply for a final order of the Court (“Final Order”) approving the Arrangement.

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