Business
Augen Capital reports positive developments for shareholders
Shares outstanding: 36,615,615 TORONTO, June 16 /CNW/ - Augen Capital Corp. ("Augen" or the "Comp...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nShares outstanding: 36,615,615\n\n\nTORONTO, June 16 /CNW/ - Augen Capital Corp. ("Augen" or the "Company")\n(TSX-V AUG) today announced two developments that further its progress in\ncreating value for shareholders.\n\n\nAugen Capital's affiliated company, Augen Gold Corp. ("Augen Gold")\n(TSX-V AUJ), recently announced that it had completed its initial public\noffering ("IPO"), raising a total of $4.33 million, and has been approved to\ntrade on the TSX-Venture Exchange. Augen Capital holds 16% of Augen Gold\ncommon shares.\n\n\nThe initial public offering and listing of Augen Gold is significant for\nAugen Capital shareholders because the Company's investment in Augen Gold\nCorp, which is carried at a cost of $804,790 or $0.20 per share, has\nappreciated in market value to $2,828,000 based on the IPO price of $0.70 per\nunit for non-flow-through units. The appreciated value will not be reflected\nin the results of Augen Capital Corp., as the investment is recorded at cost,\nuntil the shares are sold. While the value of the shares in Augen Gold is\nlikely to fluctuate, the Company believes that it is a quality junior mining\ninvestment.\n\n\nMore information about Augen Gold, and the drilling program at its Jerome\nproperty in Northern Ontario, is available at www.augengold.ca. The property\nincludes a previously producing gold mine with numerous geophysical targets\nalong strike. Drilling results will begin to be reported shortly.\n\n\nAugen Capital also announces that 99.05% of votes cast at the May 29,\n2008 Annual and Special Meeting of Shareholders for the election of directors,\nwere voted in support of the Management Nominees. As a result, the Augen\nCapital Board of Directors now comprises Chairman J. David Mason, Interim\nChief Executive Officer Michael Fowler, and independent Directors Tony\nBusseri, James Kelleher, Roger Muelhaupt and Dr. Hugh Squair. In addition,\n99.45% of votes to fix the number of directors supported the Company's plan to\nfix the number of directors at six and 98.72% of votes cast were in favour of\nthe appointment of Smith Nixon LLP, as Augen Capital's auditors.\n\n\n"Augen Capital has taken significant strides in moving the Company\nforward and creating value for shareholders, despite continued challenging\nmarkets," said J. David Maso...