VANCOUVER, Aug. 16, 2019 /CNW/ - Axion Ventures Inc.
("Axion Ventures" or the "Company") (TSX VENTURE: AXV; OTCQX:
AXNVF) announces that it has entered into additional loan
agreements (the "Loans") with Cern One Limited ("Cern One"),
whereby Cern One has loaned the Company an additional US$873,000 to fund ongoing expenses. The Loans
are unsecured, bear interest at 8%, and are payable on the first
anniversary of each respective advance.
Cern One is controlled by Mr. Todd
Bonner's spouse, Nithinan Boonyawattanapisut. Mr. Bonner is
the Chairman, Chief Executive Officer and, through Cern One, a
significant shareholder of Axion Ventures. The Loans are considered
related party transactions under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), as Cern One is a related
party of Axion Ventures, by virtue of Mr. Bonner's role with
Axion Ventures and Ms. Boonyawattanapisut's status via Cern One as
a control person of Axion Ventures. Axion Ventures is relying on
exemptions from the formal valuation and minority shareholder
approval requirements pursuant to sections 5.5(b) and 5.7(1)(a) of
MI 61-101 on the basis that the fair market value of the Loans does
not exceed 25% of the Company's market capitalization.
About Axion Ventures
Axion Ventures 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., its video
game development company headquartered in Bangkok, Thailand cofounded with True
Corporation. Axion Ventures also maintains holdings in other
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 use of proceeds of
the Loans from Cern One. 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.