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)
May 31, 2000
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Universe2U Inc.
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(Exact name of registrant as specified in its chapter)
Nevada
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(State or other jurisdiction of incorporation)
333-86331
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(Commission File Number)
88-0433489
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(IRS Employer Identification No.)
30 West Beaver Creek Rd. - Suite 109
Richmond Hill, Ontario, Canada
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(Address of principal executive offices)
L4B 3K1
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(Zip Code)
(905) 881-3284
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(Registrant's telephone number, including area code)
PAXTON MINING CORPORATION
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(Former name)
Item 2. Acquisition or Disposition of Assets
Effective as of May 31, 2000, the Company, through a wholly-owned subsidiary
incorporated pursuant to the laws of the Province of Ontario ("Subco"),
completed the acquisition of CableTec Communications Inc. (formerly Bernie Tan
Investments Inc. and referred to as "CableTec"). Subco had entered into a
definitive share purchase agreement to acquire CableTec on January 25, 2000 (the
"Agreement"). Pursuant to the terms of the Agreement, Subco agreed to acquire
all of the outstanding shares of CableTec in consideration for the payment of
U.S. $1,034,910. The transaction was originally intended to close in February
2000. The terms of the Agreement were amended in March and in May 2000 to,
amongst other things, extend the closing date to May 31, 2000. In addition, the
Agreement was amended to grant Bernard Tanunagara, currently President of the
Company's CableTec Communications subsidiary, an option to acquire up to 200,000
common shares of the Company at an exercise price of Cdn$7.50 per share.
ITEM 7. Financial Statements and Exhibits
Pursuant to paragraph (4) of Item 7 of Form 8-K, the Company hereby omits the
financial statements required under Item 7 required to be filed herewith and
hereby undertakes to file an amendment hereto containing such financial
statements not later than 60 days from the required filing date of this Form
8-K.
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.
UNIVERSE2U INC.
Date: July 25, 2000 By: /s/ Kim Allen
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Kim Allen,
President and Chief
Executive Officer