VANCOUVER,
Aug. 30, 2018
/CNW/ - Axion Ventures Inc. ("Axion" or the
"Company") (TSX VENTURE: AXV) announces the
Company has entered into an agreement (the "Agreement") to
acquire an additional interest in Axion Games Limited
("AG"). Currently, the Company owns, directly or indirectly
through its majority-owned subsidiaries Axion Entertainment
Holdings Ltd. and Axion Entertainment International Holdings
Ltd., 113,706,954 shares in the capital
of AG, comprising approximately 54.22% of
the voting rights attached to all of AG's voting
securities.
Pursuant to the Agreement, the Company will acquire an
additional 33,186,969 shares in the capital of AG from an arm's
length shareholder of AG. Completion of the proposed acquisition is
subject to satisfaction or waiver of customary conditions,
including receipt of any required approvals of the TSX Venture
Exchange. Axion will pay the seller US$4,000,000 in cash as consideration for the AG
shares.
As a result of the acquisition, the Company will hold,
directly or indirectly, 146,893,923
shares in the capital of AG, consisting approximately
70.05% of the voting rights attached to all of
AG's voting securities.
About Axion
Axion is an Investment Issuer with majority ownership in
Axion Games, an online video game development and publishing
company headquartered in Shanghai,
China as well as in True Axion Interactive Ltd., a video
game development company headquartered in Bangkok, Thailand cofounded with True
Corporation. Axion also maintains complementary, minority holdings
in innovative technology companies.
www.axionventures.com
Axion Ventures Inc. is listed on the TSX Venture Exchange
under the symbol (TSXV: AXV).
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.
Cautionary Statement Regarding Forward-Looking
Information
Certain statements contained in this press release may
constitute forward-looking information. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated", "proposed" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company's
current belief or assumptions as to the outcome and timing of such
future events. Such forward-looking information are subject to
risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the
statements. In particular, this release contains
forward-looking information relating to the completion
of the proposed acquisition. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking
information. Those assumptions and factors are based
on information currently available to the Company. The
forward-looking information contained in this release is made as of
the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Axion Ventures Inc.