Axion Cancels 33 Million Performance Escrow Shares and Issues 40 Million Shares to Kuni Umi
Retrieved on:
Monday, July 19, 2021
Vancouver, British Columbia--(Newsfile Corp. - July 19, 2021) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Company") announces that it has cancelled 33,000,000 common shares of the Company (the "Escrowed Shares") under the performance escrow agreement dated May 11, 2016 (the "Escrow Agreement"), and amended in April 2019.
Key Points:
- Vancouver, British Columbia--(Newsfile Corp. - July 19, 2021) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Company") announces that it has cancelled 33,000,000 common shares of the Company (the "Escrowed Shares") under the performance escrow agreement dated May 11, 2016 (the "Escrow Agreement"), and amended in April 2019.
- The Investment Agreement provides for further tranches for up to a total of C$20 million.
- If all of the C$20 million is drawn down and converted by KUAM, a new Control Person of the Company may be created.
- As of today, Axion's current issued and outstanding shares total 255,893,504 after the cancellation of the 33,000,000 Escrowed Shares and the issuance of 40,000,000 shares to KUAM.