Ableauctions Announces Closing Date of
Acquisition of SinoCoking Coal and Coke
Chemical Industries, Inc., and Final Terms for
Participants in Liquidating Trust
February 03, 2010 01:00 PM Eastern Time
BURNABY, British Columbia--(EON: Enhanced Online News)--Ableauctions.com Inc. (AMEX:AAC) (the
“Company”) announced today that the 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, is scheduled to close on February 5, 2010
(the “Closing Date”).
The Company will file an amendment to its Articles of Incorporation which will be effective on the Closing Date. The
amendment to the Articles of Incorporation will change the Company’s name to “SinoCoking Coal and Coke
Chemical Industries, Inc.” and will effect a 1-for-20 reverse split of the Company’s issued and outstanding shares of
common stock. On the Closing Date, under the share exchange agreement dated July 17, 2009, the Company will
issue a total of 13,117,952 post reverse split shares of its common stock to the holders of Top Favour Limited
capital shares in exchange for all of the issued and outstanding capital stock of Top Favour Limited, and the
Company’s current officers and directors will be replaced by the newly appointed officers and directors of
SinoCoking. Following the Closing Date, the operations of SinoCoking, which include coal production and coke
manufacturing, will become the Company’s principal business.
As part of the Closing, the Company will transfer its pre-acquisition assets into the Able (U.S.) Liquidating Trust.
The Able (U.S.) Liquidating Trust is charged with liquidating the Company’s pre-acquisition assets, paying all pre-
acquisition liabilities incurred by the Company prior to the Closing Date and distributing the remaining proceeds to
the Company’s shareholders as of February 5, 2010. The Able (U.S.) Liquidating