Augustine Ventures Announces Private Placement of 1,075,000 Flow Through Units
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/03/12 -- Augustine Ventures Inc. (CNSX: WAW) ("Augustine" or the "Company") is pleased to announce that, subject to regulatory approval, it has agreed to a non-brokered private placement of up to 1,075,000 flow through units ("Flow Through Units") at a price of $0.20 per Flow Through Unit in the capital of the Company for gross proceeds of up to $215,000 (the "Offering") of which $20,000 was subscribed for by a Director of the Company. In addition, the Company has received $25,000 through the exercising of stock options by an Officer and Director.
Each Flow Through Unit is comprised of one (1) flow through share and one (1) common share purchase warrant ("Flow Through Warrant"). Each full Flow Through Warrant entitles the holder thereof to purchase one common share for a period of two (2) years from the date of issuance. The Flow Through Warrants are exercisable at price of $0.50 per common shares. The expiry date of the Flow Through Warrant may be accelerated to a date that is thirty days from the fifteenth (15th) consecutive trading day on which the shares of the Company close at or above $0.75, provided that it occurs four months and a day after the closing date.
In connection with the Offering, the Company will pay a finder's fee of a cash payment equal to up to 6% of the gross proceeds of the Offering, and compensation options ("Compensation Options") equal to up to 6% of the aggregate number of Flow Through Units sold pursuant to the Offering. Each Compensation Option shall entitle the holder thereof to acquire one (1) common share and one (1) common share purchase warrant ("Unit") at an exercise price of $0.20 per Unit for a period of 2 years from the date of issuance.
The proceeds raised pursuant to the Offering will be used by the Company to advance development of the Wawa Property.
The payment of the finder's fees and the issuance of the securities pursuant to the Offering is subject to regulatory approval. The securities issued pursuant to the Offering will be subject to a statutory four month hold period from the date of issuance.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. Over 95 percent of the Property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The Property has a known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the Property.
Augustine has recently acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.
Contacts:
Augustine Ventures Inc.
Wayne Isaacs
Chairman and CEO
(416) 363 2528
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Datum: 03.01.2012 - 23:37 Uhr
Sprache: Deutsch
News-ID 100795
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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