Axion Receives Petition to the Court and Notice of Civil Claim
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2020) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Issuer") announces that the Issuer has been served with a Petition to the Supreme Court of British Columbia filed by its former CEO, John Todd Bonner ("Mr. Bonner"), and his wife Nithinan Boonyawattanapisut ("Jess", together with Mr. Bonner, the "Petitioners"). The Issuer also received a Notice of Civil Claims from Mr. Bonner, Jess and their associated entities.
In the Petition, the Petitioners are seeking, among other things:
- a declaration that the Petitioners are appropriate persons to make an application under section 227 of the Business Corporations Act (BC);
- a declaration that the Issuer and certain directors of the Issuer have acted in a manner that is oppressive to the Petitioners;
- a declaration that the resolution of July 14, 2020 terminating Mr. Bonner as the CEO (the "July 14 Resolution") is a nullity;
- an order setting aside the July 14 Resolution;
- an order to reinstate Mr. Bonner as the CEO of the Issuer;
- a declaration that reasonable notice was not given for the board meeting held on July 27, 2020 and that the result of that meeting is a nullity; and
- an order to set aside any issuance of shares without board approval before the hearing of the petition, including the private placement announced in the Issuer's news release of July 30, 2020.
The Issuer denies the allegations made by the Petitioners in the Petition and the Issuer intends to take all necessary steps to defend against the groundless claims asserted by the Petitioners.
In the Notice of Civil Claims, Mr. Bonner, Jess and their associated entities are seeking judgements against the Issuer and its subsidiaries for loans allegedly made by them to the Issuer and its subsidiaries for a total of US$9.1 million (the "Bonner Family Loans"). The Issuer also intends to take all necessary steps to defend against these claims as the Issuer has uncovered certain irregularities relating to the Bonner Family Loans.
For further information:
Axion Ventures Inc.
Interim Chief Executive Officer
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64199