Business
Augen Gold closes its initial public offering raising $4,329,678.30
TORONTO, June 9 /CNW/ - Augen Gold Corp. ("Augen Gold") is pleased to announce that it has closed...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, June 9 /CNW/ - Augen Gold Corp. ("Augen Gold") is pleased to\nannounce that it has closed its Initial Public Offering for gross proceeds of\n$4.33 million. Net proceeds after the payment of commissions and fees were\n$3.92 million. The proceeds will be used to further advance the exploration\nand development of the company's Jerome Property located between Sudbury and\nTimmins in Ontario. The offering consisted of 1,387,369 units (the "Units") at\n$0.70 per unit and 4,198,150 flow-through (the "Flow-Through Shares") shares\npriced at $0.80 per share. Each unit is comprised of one common share (a "Unit\nShare") and one-half of one common share purchase warrant (each whole warrant,\na "Warrant"). Each Warrant shall entitle the holder thereof to purchase one\ncommon share (a "Warrant Share") at a price of $1.00 per Warrant Share, for a\nperiod of twenty-four months. The company has now 24,880,685 shares\noutstanding. The company will now move to be listed on the TSX Venture at a\ndate to be announced in the near future, subject to the company fulfilling the\nconditions set out in the TSX-V conditional approval. We expect that to be\nWednesday June 11, 2008.\n\n\nUnion Securities Ltd. acted as agent for the offering and received a 7%\ncash commission and 7% broker warrants.\n\n\n"Augen Gold has achieved a significant milestone by becoming a public\ncompany and raising over $4 million. It can now focus its attention on its\nPhase Two program at its Jerome Property and defining its resource base. In\naddition, we expect to update the market in the next few days regarding the\nresults of our winter Phase 1 drilling program," says Michael Fowler, Augen\nGold's President and Chief Executive Officer.\n\n\n-------------------------------------------------------------------------\n\n\nAugen Gold Corp. is a junior gold exploration company with mining claims\nlocated in the Swayze Greenstone Belt and covering an area of approximately\n240 square kilometers, 8 kilometers wide and 45 kilometers long, including the\nformerly producing Jerome gold mine and directly adjacent to the Young Shannon\ngold deposit. The company's objective is to aggressively explore the Jerome\nmine in order to confirm existing and identify additional NI 43-101 compliant\ngold resourc...