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Augen Gold announces appointment of independent director, shares to commence trading on TSX Venture Exchange and clarifies terms of escrow
TORONTO, June 12 /CNW/ - Augen Gold Corp. ("Augen Gold" or the "Company") (TSX-V: AUJ) is pleased...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, June 12 /CNW/ - Augen Gold Corp. ("Augen Gold" or the "Company")\n(TSX-V: AUJ) is pleased to announce that Mr. Robert J. Francis, BASc, CA, has\njoined the Company as an independent director on the Company's board of\ndirectors as well as a member of the audit committee. Mr. Francis was a\npartner with Deloitte & Touche until he retired in 2007.\n\n\nThe board of directors of Augen Gold is currently comprised of Andrew C.\nBurns, Michael G. Fowler, Robert J. Francis, Joseph Leeder and J. David Mason\nand the audit committee of the board of directors of Augen Gold is made up of\nMr. Burns, Mr. Francis and Mr. Leeder.\n\n\nThe common shares of Augen Gold will commence trading on the TSX Venture\nExchange on Monday, June 16, 2008 under the symbol "AUJ". The Company\ncurrently has 24,880,685 common shares issued and outstanding.\n\n\nFurther to its press release dated June 9, 2008 announcing the closing of\nits initial public offering, Augen Gold provides the following information:\n\n\nThere are 8,547,500 common shares that are subject to a National Policy\n46-201 escrow agreement along with 8,437 broker warrants issued pursuant to a\nprivate placement of the Company completed in December 2007. The escrow\nagreement provides that 10% of the escrowed securities will be released on the\nlisting date of Augen Gold's common shares and an additional 15% of the number\nof escrowed securities originally held pursuant to the escrow agreement shall\nbe released on each of 6, 12, 18, 24, 30 and 36 months from the listing date.\n\n\nThe initial public offering raised gross proceeds of $4.33 million and\nconsisted of 1,387,369 units (the "Units") at a price of $0.70 per Unit and\n4,198,150 flow-through shares (the "Flow-Through Shares") at a price of $0.80\nper Flow-Through Share. Each Unit is comprised of 1 common share and one-half\nof one common share purchase warrant (each whole warrant, a "Warrant"). Each\nwarrant shall entitle the holder thereof to purchase one common share (a\n"Warrant Share") at a price of $1.00 per Warrant Share, for a period of\ntwenty-four months. Union Securities Ltd. acted as lead agent for the offering\nand received a 7% cash commission and 7% broker warrants. The offering was\nmade through a selling group for which Union S...