able-8k4162008.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 13, 2009
ABLEAUCTIONS.COM,
INC.
(Exact
name of Registrant as specified in charter)
|
Florida
|
000-28179
|
59-3404233
|
|
(State or other
jurisdiction of
incorporation)
|
(Commission File
Number)
|
(IRS
EmployerIdentification Number)
|
Suite
2000 - 1963 Lougheed Highway
Coquitlam,
British Columbia Canada
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 604-521-3369
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (see General Instruction A.2 below).
r Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
r Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
r Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).
r Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13(e)-4(c))
Item
1.01 Entry Into a Material Definitive
Agreement.
The
following discussion provides only a brief description of the document described
below. The agreement, as amended, is attached to this Current Report
as an exhibit. The discussion below is qualified in its entirety by
the full text of the agreement, as amended.
On March
13, 2009 our wholly-owned subsidiary, 0716590 BC Ltd., entered into a Contract
of Purchase and Sale (the “Agreement”) for sale of the real property located at
1963 Lougheed Highway, Coquitlam, British Columbia. The property
consists of approximately 19,646 square feet of commercial space and
approximately 2,300 square feet of residential space and is located on
approximately eight-tenths of an acre. The purchaser is Business
World Development Inc., a party unrelated to our company or any of our officers
or directors (the “Purchaser”).
The
Purchaser will pay a purchase price of CDN$3,400,000 for the
property. The sale is due to close on November 2, 2009.
On April
6, 2009, the Agreement was amended to provide that we would provide financing to
the Purchaser. We have agreed to finance 80% of the purchase
price. The loan will have a term of 7 years and will bear simple
interest at 6.5% per annum. The payments will be amortized over 20
years. The loan will be secured by a mortgage, including an
assignment of rents, recorded against the property.
The
Agreement is subject to certain conditions, as more fully set forth
therein.
Item
2.01 Completion of Acquisition or Disposition of
Assets.
See the
disclosure included in Item 1.01 above.
Item
9.01. Financial Statements and
Exhibits.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ABLEAUCTIONS.COM,
INC.
/s/ Abdul
Ladha
Abdul
Ladha, Chief Executive Officer
Dated: April
16, 2009