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Augen Capital Renegotiates Management Services Agreement with Augen Gold Corp
Shares outstanding: 36,615,615 TORONTO, Dec. 17 /CNW/ - Augen Capital Corp. (Augen Capital) (TSX-...
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[{"type":"text","content":"\n\n\n\nShares outstanding: 36,615,615\n\n\nTORONTO, Dec. 17 /CNW/ - Augen Capital Corp. (Augen Capital) (TSX-V: AUG)\nannounced today that, effective immediately, Michael G. Fowler has resigned\nfrom his positions as Chief Operating Officer of Augen Capital, President and\nChief Executive Officer of Augen Gold, and as a Director of both companies. In\naddition, Augen Capital is currently negotiating a new Management Services\nAgreement (MSA) as well as the terms of repayment and/or conversion into\ncommon stock of the $1.1 million demand loan due from Augen Gold Corporation\n(Augen Gold) (TSX-V: AUJ).\n\n\nAugen Capital has proposed to provide the management of J. David Mason,\nwho would return as President and Chief Executive Officer of Augen Gold, and\nManish Z. Kshatriya, who would remain as Chief Financial Officer, a role he\nhas held since June 2008. Mr. Mason was Augen Gold's President and Chief\nExecutive Officer prior to its initial public offering earlier this year. In\naddition, Augen Capital proposes to provide Augen Gold with office services\nand premises. This MSA would be at a reduced net cost of $8,500 per month, to\nassist in the preservation of cash at Augen Gold.\n\n\n"Michael Fowler has made considerable contributions to Augen, and I wish\nhim the very best in his future endeavours," said J. David Mason, Chairman,\nPresident and Chief Executive Officer of Augen Capital. Augen Capital is also\nthe founder and a major shareholder of Augen Gold.\n\n\nAbout Augen Capital\n\n\nAugen Capital Corp. ("Augen") (TSX-V: AUG) is a Toronto-based public\nmerchant bank specializing in the financing of and investment in emerging\nresource companies. Augen manages a merchant banking hard dollar portfolio of\nemerging resource stocks including private companies and is an industry\nperformance leader in tax-advantaged flow-through investments in Canada's\nresource sector having raised over $80 million in flow-through limited\npartnership assets since inception. Augen holds over one hundred gold, base\nmetals and uranium exploration and development public and private companies\nwith direct holdings in its merchant banking portfolio and consulting assets\nin flow-through limited partnerships.\n\n\nFor more information on Augen Capital, visit our website at\nwww.augencc.com\nThe Company's public documents may b...