ableauctions-8k123109.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 30, 2009
ABLEAUCTIONS.COM,
INC.
(Exact
name of Registrant as specified in charter)
| Florida |
000-28179 |
59-3404233 |
| (State or other
jurisdiction of incorporation) |
(Commission File
Number) |
(IRS Employer
Identification Number) |
Suite
454 – 4111 Hastings Street
Burnaby,
British Columbia Canada V5C 6T7
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 604-293-3933
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (see General Instruction A.2 below).
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13(e)-4(c))
Item
8.01. Other
Events.
The
shareholders of Ableauctions.com Inc. approved the following actions at the
annual general meeting that was held on December 30, 2009:
The
acquisition of a 100% interest in Top Favour Limited (SinoCoking) by means of a
share exchange transaction (the “Acquisition”) whereby in connection with the
Acquisition the Company will issue up to 13.2 million shares of its common stock
to the shareholders of SinoCoking, which will constitute approximately 97%
of the Company’s common stock that will be outstanding after giving effect to
the Acquisition.
The terms
of a Plan of Liquidation whereby the Company has agreed to liquidate its assets,
discharge its liabilities, and wind up the business conducted prior to the
Acquisition, including its on-line liquidation services, real estate development
business and related properties, as existing and outstanding immediately prior
to the closing of the Acquisition.
The
authorization to file, upon the successful consummation of the Acquisition, an
Amendment to the Company’s articles of incorporation to effect a combination of
the Company’s issued and outstanding common stock within a range of 1-for-20 to
1-for-50, the exact ratio to be determined by subsequent resolution of the board
of directors.
The
authorization to amend the Company’s articles of incorporation to effect a
change to the Company’s name to “SinoCoking Coal & Coke Chemical Industries
Inc.” in order to better reflect the operating business of the Company upon the
completion of the Acquisition.
The
issuance of shares in connection with a financing which may consist of debt or
equity or a combination of both, involving the issuance of the Company’s
securities for $50 million to $75 million in gross proceeds.
The
shareholders also elected Abdul Ladha, Dr. David Vogt, Barrett Sleeman, and
Michael Boyling as directors of the Company and ratified the selection of
Cinnamon Jang Willoughby & Company, Chartered Accountants as the Company’s
independent auditors for the fiscal year ending December 31, 2009.
Item
9.01 Financial
Statements and Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ABLEAUCTIONS.COM,
INC.
/s/ Abdul
Ladha
Abdul
Ladha, Chief Executive Officer
Dated: December
30, 2009