Avalon Works Corp. Removes an Item from the agenda of Annual General and Special meeting (the “AGM”) of Shareholders to be held on December 23, 2019 at 2:00 pm (EST)
Avalon Works Corp. Removes an Item from the agenda of Annual General and Special meeting (the “AGM”) of Shareholders to be held on December 23, 2019 at 2:00 pm (EST)
Ottawa, Ontario – December 12, 2019 – Avalon Works Corp. (the "Company") today announces to its shareholders that the debt settlement described in item 7 of the Management Information Circular filed on SEDAR on December 2, 2019 (the “Information Circular”) is being removed from the Agenda of the AGM (the “Agenda”), for consideration by shareholders at a later date. This will allow the Company to provide more information to the Shareholders on the proposed debt settlement in due time as required by Multilateral Instrument 61-101 Respecting Protection of Minority Security Holders in Special Transactions (the “MI 61-101”).
The Company also wants to clarify that the proposed consolidation of all of the issued and outstanding common shares of the Corporation provided in item 8 of the Agenda does not constitute a “business combination” as defined in the MI 61-101.
The Company considers that the contemplated consolidation of shares is exempted from the definition of “business combination” of MI 61-101, being a “consolidation of securities that does not have the effect of terminating the interests of holders of equity securities of the issuer in those securities without their consent, through the elimination of postconsolidated fractional interests or otherwise, except to an extent that is nominal in the circumstances”.
This press release is being issued in connection with an OSC staff review. The Management Information Circular and the Agenda referred to above are available on SEDAR at www.sedar.com.
About Avalon Works Corp.
Avalon Works Corp. is a junior industrial company with minimal current activities or operations and is currently listed on the TSX Venture Exchange.
For additional information on Avalon Works Corp.:
Michael Clemann [email protected] Avalon Works Corp.
237 Argyle Avenue Ottawa Ontario K2P 1B8
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Avalon Works Corp. are forward-looking statements that involve various risks. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Avalon Works Corp. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward- looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.