OSC Approves Release of Academy's Shares from Escrow
TORONTO, ONTARIO--(Marketwire - Feb. 19, 2013) - ACADEMY EXPLORATIONS LIMITED ("Academy" or the "Company"). On August 31, 2012, the Ontario Securities Commission approved the Company's request in Ontario to amend an existing escrow agreement among the Company, its transfer agent and certain security holders of the Applicant entered into on May 25, 1977 (the Escrow Agreement). The Company's request for approval is made pursuant to section 3 of the Escrow Agreement. The Commission advised that, based upon the representations contained in the request for approval correspondence, the Director of the Ontario Securities Commission, as principal regulator, approves of the amendment to the Escrow Agreement whereby the following common shares of the Company will be released from escrow (the Escrow Shares):
Ronpaul Investments Limited 168,750 Common Shares
Rae Appleby 461,250 Common Shares
The Commission's approval of the amendment to the Escrow Agreement is based on the following conditions:
1. the Company issues a news release, notifying the market of and setting out the date of the release of escrow securities, at least 60 days before the release of the escrow securities; and
2. the release date of the Escrow Shares is at least 60 days after the news release.
In accordance with the Commission's approval, the escrowed securities set out above will be released from escrow on April 26, 2012. The Commission's approval does not constitute an exemption from the provisions of Canadian securities laws which may require a shareholder to comply with certain terms and conditions prior to or after any sale of its shares.
Academy is presently not trading on any exchange and does not currently carry on any active business. Management's strategy is to stay liquid while searching for an appropriate opportunity with a private corporation that is looking to expand its operations by acquiring control of, or investment capital from, a publicly owned company such as Academy. Management has decided to invest in public and private mutual funds without jeopardizing liquidity with the potential to earn greater income albeit with higher risk than investing solely in guaranteed investment certificates Academy has looked at some prospective deals. In all cases the private corporation was not yet mature enough or the amount to be invested was too great relative to our capital resources. By mature, the Company means their length of time in business was greater than two years, their latest annual gross revenue was greater than one million dollars, and latest annual net profit was greater than 5%.
All shareholders have the ability to receive a hard copy of the Escrow Agreement and the Commission's approval free of charge upon request. Should you wish to receive these documents, in hard copy, or for further information, please contact the Paul Appleby, CFO of the Company at 416-530-0070, or e-mail firstname.lastname@example.org.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of Academy. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. Academy does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Academy Explorations Limited