Business
AMENDED: Augen Capital Corp. Increases Holdings in Staccato Gold Resources
AMENDED: Augen Capital Corp. Increases Holdings in Staccato Gold Resources
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nFeb. 1, 2010 (Canada NewsWire Group) -- TORONTO, Feb. 1 /CNW/ -- Pursuant to the previously issued news release on January 22, 2010, Augen Capital Corp. (directly and indirectly through its wholly owned subsidiary Aumerco Ltd.) (collectively, \"Augen\" or the \"Concerned Shareholder\") (TSXV: AUG) announces that it has increased its holdings in Staccato Gold Resources Ltd. (\"Staccato\") (TSXV: CAT) by 170,500 common shares through the facilities of the Toronto Venture Exchange (\"TSXV\") for investment purposes at an average price, including commission, of $0.1082 per share. As a result, Augen's total common share holdings in Staccato amount to 6,378,500 or approximately 6.4 percent of the total shares issued and outstanding. In the event that 860,000 common share purchase warrants held by Augen (the \"Warrants\") (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.50 until July 4, 2011) are fully exercised, the Concerned Shareholder would hold 7,238,500 Staccato shares representing approximately 7.2% of the total issued and outstanding Staccato shares calculated on a partially diluted basis assuming the exercise of the Warrants only.As disclosed in the January 22, 2010 news release, Donald Decker, M. Geo, a professional geologist and a former Director of Staccato and Century Gold LLC, a holding company of Donald Decker, (collectively, the \"Decker Group\") entered into an agreement with the Concerned Shareholder to vote the Decker Group's shares in support of removing and replacing the Current Board with those nominees to be proposed by the Concerned Shareholder in connection with a meeting of Staccato shareholders requisitioned by the Concerned Shareholder. The Concerned Shareholder along with the Decker Group, now jointly own 12,337,834 shares or approximately 12.4 percent of the total shares issued and outstanding. In the event that the Warrants are fully exercised, the Concerned Shareholder and the Decker Group would hold 13,197,834 Staccato shares representing approximately 13.11% of the total issued and outstanding Staccato shares calculated on a partially diluted basis assuming the exercise of the Warrants only.The Concerned Shareholder and the Decker Group believe the common shares of Staccato are undervalued. The Concerned Shareholder and/or the Decker G...