AABB - Asia Metals Inc. Receives $9 Million Second Tranche Of $34 Million Joint Venture Funding
December 10 2019 - 9:00AM
InvestorsHub NewsWire
AABB - Asia Metals Inc. Receives $9
Million Second Tranche Of $34 Million Joint Venture
Funding
Las Vegas, NV -- December 10,
2019 -- InvestorsHub NewsWire -- Asia Broadband Inc. (OTC
: AABB), through its wholly owned subsidiary Asia Metals Inc.,
announced today that it has received the second installment of $9
Million, per its joint venture agreement with Qiangda Investments
& Economics & Co., Ltd., for the large scale expansion of
the Company’s mining operations in the state of Guerrero, Mexico.
The agreement guarantees a $34 million capital commitment
allocated over a 3 year period on a time-lined payment schedule to
earn-in a maximum 40% equity interest in the Company. The
schedule consists of a $5 million initial payment that was received
in October 2018 earning a 6% equity interest in the Company, a $9
million minimum payment in 2019 to earn a further 10% interest, a
$10 million minimum payment in 2020 to earn a further 12% interest
and a $10 million minimum payment in 2021 to earn a further 12%
interest. The joint venture capital has been allocated
specifically to expand the identified resources within the Asia
Broadband properties and build out a new production processing
facility with greater efficiency and capacity, but also includes
provisions for new exploration expenditures. Asia Metals Inc.
has formed a management committee with representatives of the joint
venture partner to oversee, approve and direct budgeting, capital
expenditures and decision-making regarding operational processes
and expenditures.
Qiangda Investments &
Economics & Co., Ltd., is a holding company and facilitating
subsidiary of a Chinese owned conglomerate entity. Its
operational objective is to secure physical gold supplies for it
affiliates’ manufacturing demand and to build an investment hedge
that mitigates the risk of instabilities caused by fluctuations in
markets and world economic conditions.
Asia Broadband Inc. (OTC
: AABB), through its wholly owned subsidiary Asia Metals Inc.,
is a resource company focused on the production, supply and sale of
precious and base metals, primarily to Asian markets. The Company
utilizes its specific geographic expertise, experience and
extensive industry contacts to facilitate its innovative
distribution process from the production and supply of precious and
base metals in Guerrero, Mexico, to our client sales networks in
Asia. This vertical integration approach to sales transactions is
the unique strength of Asia Broadband and differentiates the
Company to its shareholders.
Contact the Company at:
Email:
ir@asiabroadbandinc.com
Website: www.asiametalsinc.com
Phone:
702-866-9054
Cervitude Intelligent
Relations
Nicholas
Coriano
Forward-Looking Statements are
contained in this press release within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the Asia Broadband Inc.’s (the “Company”) expected current
beliefs about the Company’s business, which are subject to
uncertainty and change. The operations and results of the Company
could materially differ from what is expressed or implied by the
statements made above when industry, regulatory, market and
competitive circumstances change. Further information about these
risks can be found in the annual and quarterly disclosures the
Company has published on the OTC Markets website. The Company is
under no obligation to update or alter its forward-looking
statements as future circumstances, events and information may
change.
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