Hodgins Auctioneers corrects share issuance and private placement proceeds

MELFORT, SK, Jan. 28, 2014 /CNW/ - Hodgins Auctioneers (TSX.V: HA) ("Company") is providing a correction to its current issued and outstanding share number. As presented in note 19 of the Company's December 31, 2012 audited Financial Statements, which are available on SEDAR, in March of 2012 the Company completed a series of transactions with a Former Director whereby 750,000 shares were issued from treasury but were not properly paid for.  As of December 31, 2012 the share capital transaction was reversed but the shares were not returned for cancellation.  As a result, the 750,000 shares had an ascribed value of $0.00 but remained included in the Company's issued and outstanding share total.

The Former Director has now returned the 750,000 shares for cancellation to treasury. The corrected number of shares currently issued and outstanding after the cancellation will be 12,948,500. As a result of these shares being returned for cancellation, accounting journal entries will be reflected in the Company's 2014 first quarter financial statements.

Headquartered in Melfort, SK for more than 50 years, Hodgins Auctioneers is a provider of professional auction services. Hodgins is renowned for its experienced Auctioneers, award-winning promotions, dependable results and commitment to providing the ultimate marketplace for the sale of assets by auction.

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.

SOURCE: Hodgins Auctioneers Inc.

Grant Hodgins, CEO
Hodgins Auctioneers Inc.
Tel:  [phone]
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Email:  [email protected]
Website: www.hodginsauctioneers.com