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.
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.
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.
For further information: Axion Ventures Inc., John Todd Bonner, Chief Executive Officer, (604) 219-2140; Matthew Sroka, Corporate Development, (604) 219-2140; Thesis Capital, Prit Singh, Investor Relations, (905) 510-7636, [email protected]