Vancouver, British Columbia--(Newsfile Corp. - July 19, 2021) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Company") announces that it has cancelled 33,000,000 common shares of the Company (the "Escrowed Shares") under the performance escrow agreement dated May 11, 2016 (the "Escrow Agreement"), and amended in April 2019.
Furthermore, Axion reports the issuance of 40,000,000 shares to KUAM (Hong Kong) Investment 01 Ltd. ("KUAM") pursuant to KUAM's conversion of the $8,000,000 Convertible Debenture issued to it under the Investment Agreement between the Company and KUAM (please see Axion's news release from June 11, 2021).
The Investment Agreement provides for further tranches for up to a total of C$20 million. Completion of any subsequent tranche will be subject to additional approval of the TSX Venture Exchange. If all of the C$20 million is drawn down and converted by KUAM, a new Control Person of the Company may be created. KUAM has provided an undertaking not to convert any part or whole of debentures prior to receiving applicable shareholders' approval if such conversion would create a new Control Person.
As of today, Axion's current issued and outstanding shares total 255,893,504 after the cancellation of the 33,000,000 Escrowed Shares and the issuance of 40,000,000 shares to KUAM.
For further information:
Axion Ventures Inc.
Interim Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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