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Axion Ventures Announces Shareholder Loans
Axion Ventures Announces Shareholder Loans.
About this update from Axion Ventures Inc
[{"type":"text","content":"\n\n\n\nAxion Ventures Announces Shareholder Loans\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAxion Ventures Announces Shareholder Loans\nCanada NewsWire\nVANCOUVER, Aug. 16, 2019\n\n\n\nVANCOUVER, 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. \n\n \n \n\n \nCern 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.\nAbout Axion Ventures\nAxion 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.   \nwww.axionventures.com \nAxion Ventures Inc. is listed on the TSX Venture Exchange under the symbol (TSXV: AXV).\nNeither the TSX Venture Exchange nor its Regulation Se...