ableauctions8k110609.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): October 23,
2009
ABLEAUCTIONS.COM,
INC.
(Exact
name of Registrant as specified in charter)
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Florida
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000-28179
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59-3404233
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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Suite
454 - 4111 Hastings Street
Burnaby
BC V5C 6T7 Canada
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 604-293-3933
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).
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13(e)-4(c))
Item
2.01 Completion of Acquisition or
Disposition of Assets
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 sale
was completed on November 2, 2009. The Purchaser paid CDN$3,400,000 for the
property.
We
provided financing to the Purchaser. We have agreed to finance 80% of
the purchase price, or $2,720,000. The loan has a term of 7 years and
bears simple interest at the rate of 6.5% per annum. The payments are
amortized over 20 years. The loan is 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
8.01. Other Events
Effective
October 23, 2009, our mailing address is Suite 454 - 4111 Hastings Street
Burnaby BC V5C 6T7 Canada. Our new telephone number is (604) 293-3933
and our new facsimile number is (604) 293-3934.
SIGNATURES
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.
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ABLEAUCTIONS.COM,
INC. |
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Dated: November
6, 2009
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By:
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/s/ Abdul
Ladha
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Abdul
Ladha |
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Chief
Executive Officer |
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