CanAsia Announces Exempt Issuer Bid and Corporate Updates
19 Dezember 2013 - 12:27AM
Marketwired
CanAsia Announces Exempt Issuer Bid and Corporate Updates
CALGARY, ALBERTA--(Marketwired - Dec 18, 2013) - CanAsia
Financial Inc. ("CanAsia" or the "Company") (TSX-VENTURE:CNA)
announces that, subject to regulatory approval, pursuant to an
agreement between the Company and a non-arm's length party dated
November 1, 2013, it has cancelled 2,300,000 common shares of the
Corporation ("Common Shares") for no consideration and returned the
Common Shares to treasury. The Common Shares are being cancelled by
way of an exempt issuer bid pursuant to applicable securities
laws.
Following the cancellation of the 2,300,000 Common Shares,
CanAsia will have 72,390,274 Common Shares, 29,000,000 non-voting
preferred shares, series B and 15,000,000 non-voting preferred
shares, series C issued and outstanding.
The Company also announces that, further to its press release
dated August 28, 2013, the Company has issued 8,026,274 Common
Shares at a deemed price of $0.05 per Common Share for payment of
outstanding debts of $401,313.70 owed to creditors of the Company.
The Common Shares issued by the Company have a hold period of four
months from the date of issuance in accordance with applicable
securities legislation.
In addition, further to the Company's press release dated
September 11, 2013, the proceeds of the offering of Common Shares
at a price of $0.025 per share will be used for the following
purposes:
Use of Proceeds |
Amount |
|
|
Audit
fees |
$ |
97,250 |
|
|
|
Professional services |
$ |
146,280 |
|
|
|
Office rent |
$ |
157 |
|
|
|
Transfer Agent services |
$ |
500 |
|
|
|
Advisors and technical consultants |
$ |
21,000 |
|
|
|
Legal
fees |
$ |
16,908 |
|
|
|
Professional fees and expenses incurred to complete the
offering |
$ |
20,000 |
|
|
|
Consulting fees |
$ |
10,000 |
|
|
|
Outstanding management fees and salaries (CEO & CFO) |
$ |
50,000 |
|
|
|
General and administrative costs and continuing operations
costs |
$ |
137,905 |
|
|
|
Total |
$ |
500,000 |
About CanAsia
CanAsia is an Alberta based company listed on the TSX Venture
Exchange. It is engaged in the business of developing unique new
business opportunities in the Pacific Rim countries. The Company is
located in Calgary, Alberta, Canada.
Advisory
This news release may contain certain forward-looking
information and statements, including without limitation,
statements pertaining to the Company's ability to obtain necessary
approvals from the TSX Venture Exchange. Statements containing the
words: 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates' and any other words of similar meaning are
forward-looking. All statements included herein involve various
risks and uncertainties because they relate to future events and
circumstances beyond the Company's control. There can be no
assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used
to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially
from forward-looking information can be found in CanAsia's
disclosure documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this press
release and CanAsia does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
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.
CanAsia Financial Inc.James G. LouieChief Executive Officer(403)
870-7383louiejd@shaw.ca
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