Ableauctions.com Inc. announced that on July 17, 2009, it executed a Share Exchange Agreement with its significant shareholders. After consummation, which is expected to close no later than November 30, 2009, SinoCoking shareholders will own approximately 97% of the company's issued and outstanding shares of common stock, and the company's current shareholders will own approximately 3% of the Company’s issued and outstanding shares of common stock.
Ableauctions.com Inc. is a high-tech liquidator and online auction facilitator that operates the domains iCollector.com, Naalive.com and Unlimited Closeouts.com.
SinoCoking is a producer of coal and coke products based in the Henan province of China, which in its 2008 fiscal year earned over $58 million in revenue. In addition to SinoCoking, other shareholders include CEO and Director Abdul Ladha, his spouse, Hanifa Ladha and Top Favour Limited.
The closing of the share exchange transaction is subject to a number of conditions, including the approval of the Ableauctions’ shareholders and the successful closing of new financing in the amount of $50 million to $75 million, although SinoCoking may waive the financing condition.
Ableauctions.com Inc. has filed a Form 8-K with the Securities and Exchange Commission with more detailed information.
