Business
Launch of Augen Limited Partnership 2007 flow-through offering
Launch of Augen Limited Partnership 2007 flow-through offering.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 9 /CNW/ - Augen Capital Corp. (\"Augen\" or the \"Company\")\n(TSX-V: AUG) announces that Augen Limited Partnership 2007 offering (\"LP2007\")\nhas filed and received a receipt from the Canadian provincial securities\nregulators for a preliminary prospectus for an initial public offering of\npartnership units. The maximum offering has been set at $30 million. The\nPartnership will invest predominantly in flow-through shares of mining\nexploration companies. LP2007 expects investors to receive tax deductions\nequal to 100% of the amount invested for the 2007 taxation year.\n\n\nThe offering is being made through a syndicate of agents being co-led by\nBerkshire Securities Inc. and National Bank Financial Inc., and which includes\nCanaccord Capital Corporation, HSBC Securities (Canada) Inc., IPC Securities\nCorporation, Queensbury Securities Inc., Raymond James Ltd., Research Capital\nCorporation, Blackmont Capital Inc., Desjardins Securities Inc., Industrial\nAlliance Securities Inc., Acadian Securities Inc., Burgeonvest Securities\nLimited, Northern Securities Inc. and Sora Group Wealth Advisors Inc.\n\n\nPrevious Augen limited partnerships are among the top performers in the\nflow-through industry. The rollover of Augen Limited Partnership 2005 into the\nAugen Resource Strategy Fund was completed on January 31, 2007 at a net asset\nvalue of $150.84. Based on an initial issue price of $100, the after-tax rate\nof return was 139% on the rollover date. The after-tax break-even point, after\ncapital gains tax, is approximately 63% of the initial investment for an\nOntario resident.\n\n\n\"We continue to see quality investment opportunities in the emerging and\nmid-capitalization mining space, and look forward to a successful offering for\n2007,\" said Ron Mann, Vice-President, Business Development of Augen.\n\n\nAbout Augen\n\n\nBased in Toronto, Augen is a merchant bank specializing in the financing\nof, and investment in, early stage resource companies and is an industry\nleader in tax-advantaged flow-through investments in Canada's resource\nsectors. Augen has raised over $40 million in flow-through limited partnership\nassets in the last four years. The Company now has under management a core\nportfolio of primarily emerging resource stocks, two Resource Flow-Through\nLimited Partnerships, and its mutual fu...