|By Marketwired .||
|December 18, 2013 06:27 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 12/18/13 -- 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
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.
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. Louie
Chief Executive Officer