Augen Capital Files Proxy Circular For March 13th Special Meeting of Shareholders of Augen Gold

About this update from Gensource Potash Corp.

[{"type":"text","content":"\n\n\n\n(Shares outstanding: 36,615,615)\n\n\nTORONTO, Feb. 20 /CNW/ - Augen Capital Corp. (Augen Capital) (TSX-V: AUG)\nannounced today it has filed its Notice and Proxy Circular for the Special\nMeeting of Shareholders of Augen Gold Corp. (Augen Gold) (TSX-V: AUJ), and is\nmailing the circular to Augen Gold shareholders.\n\n\nAs a concerned shareholder, Augen Capital is acting on its right to\nconvene the Special Meeting of Augen Gold, since the Directors of Augen Gold\nfailed to respond to Augen Capital's December 18, 2008 requisition for such a\nmeeting.\n\n\nAugen Capital called the meeting because it believes the current Board of\nDirectors of Augen Gold must be restructured because it is not serving the\nbest interests of shareholders and is endangering the future of the Company.\n\n\nFellow shareholders are advised that the Meeting, originally scheduled\nfor March 10, 2009 will now be held on Friday, March 13, 2009 at 10 a.m.\n(Toronto time) in the offices of Stikeman Elliott LLP (details below).\n\n\nAugen Capital called the Special Meeting to: fix the number of directors\nof Augen Gold at four; to replace two of the current Directors of Augen\nCapital with nominees Augen Capital believes will serve shareholders more\nresponsibly, and: to approve a debt-to-shares conversion which would allow\nAugen Gold repay the $1.1 million outstanding debt owed to Augen Capital on\nterms highly favourable to Augen Gold shareholders while conserving Augen\nGold's cash position.\n\n\nThe independent nominees who were originally proposed by Augen Capital\nare A. Timothy Peterson and James Sbrolla. They have been joined by Louis J.\nSapi, who is replacing Tony Busseri on the slate.\n\n\nMr. Sapi is a significant shareholder of Augen Gold. He is a chartered\naccountant who established his own practice as a sole proprietor in 1985, and\nin January 2001 merged with, and became managing partner and Chief Executive\nOfficer of McWilliams Sapi Hinchcliffe, Chartered Accountants LLP, (now HS &\nPartners LLP, Chartered Accountants). His experience includes serving as a\ndirector and chair of the audit committee of Volcanic Metals Exploration, a\nTSX listed company, from 2001 to 2006; an advisor to the board of directors of\nOcean Lake Industries, a TSX listed company, from 2002 to 2008; chairman of\nthe board of the Bluebird Group of Compani...

More updates from Gensource Potash Corp.