Ableauctions Releases Questions and Answers
Regarding SinoCoking Acquisition and
February 04, 2010 04:21 PM Eastern Time
BURNABY, British Columbia--(EON: Enhanced Online News)--Ableauctions.com Inc. (AMEX:AAC) (the
“Company”) is releasing explanatory questions and answers regarding its pending liquidation and share exchange
transaction with Top Favour Limited, SinoCoking’s British Virgin Islands holding company (referred to as
“SinoCoking”) and the shareholders of Top Favour Limited, which was approved by the Company’s shareholders
on December 30, 2009 and which is scheduled to close at 5:00pm PST on February 5, 2010 (the “Closing Date”).
These questions and answers assume that the closing will take place as scheduled on the Closing Date and the events
described below will occur as planned by management. Some of the answers to these questions could change if the
events described below do not occur as planned.
Q:What events will occur on the Closing Date?
A: Assuming that the share exchange closes as planned, the Company will effect a 1-for-20 reverse split of its
outstanding common stock, meaning that each block of 20 shares of common stock will be combined into one share
of common stock; the Company will complete a share exchange in which approximately 13.2 million post-reverse-
split shares of common stock will be issued to the Top Favour shareholders under the terms of a share exchange
agreement; and the Company will issue approximately 1.2 million new shares of common stock, including warrants,
to private investors for $7 million in gross proceeds.
Q:I am or will be a shareholder of Ableauctions.com, Inc. on the Closing Date. What will I receive as a
result of this transaction?
A: You will be entitled to receive a proportionate share of the liquidation proceeds from the liquidation of
Ableauctions’ prior business, plus you will continue to hold shares of common stock of the post-transaction entity, to
be renamed SinoCoking Coal and Coke Chemical Industries, Inc., th