Business
Strong First Close for Augen LP 2006
Strong First Close for Augen LP 2006.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\n\nShares outstanding: 28,857,282\n\nTORONTO, June 29 /CNW/ - Augen Capital Corp. (\"Augen\") (TSX-V: AUG) is\npleased to announce the first close on June 28, 2006 for Augen Limited\nPartnership 2006 (\"Augen LP2006\") offering at $8.1 million.\nAugen LP2006 is a resource flow-through prospectus with a maximum\noffering of $30,000,000. The investment objective is to primarily invest in\nmining exploration companies with market capitalizations up to $100 million,\nwith some oil and gas investments. The offering is led by Berkshire Securities\nInc., with syndicate members including IPC Securities Corporation, HSBC\nSecurities (Canada) Inc., Blackmont Capital Inc., Canaccord Capital\nCorporation, Research Capital Corporation, Wellington West Capital Inc.,\nIndustrial Alliance Securities Inc., Queensbury Securities Inc, and Sora Group\nWealth Advisors Inc.\nAugen LP2005, similar to Augen LP2004-1 which was rolled into Augen's\nmutual fund in May 2006, is among the top performing funds in the industry\nwith a Net Asset Value at May 31, 2006 of $136.13 per $100 invested (excluding\ntax benefits). Tax benefits include up to a 100% investment deduction and a\nfederal tax credit of approximately 12%. The after-tax break even point, after\ncapital gains tax is approximately 60% of the initial investment for an\nOntario resident.\nThe Augen LP2006 offering remains open and it is anticipated that a\nsecond closing will take place prior to September 30, 2006.\n\"We are delighted to have a strong first close for the Augen LP2006\noffering which provides us with access to leading exploration opportunities in\nthe resource sector during the summer months,\" said Ron Mann, Vice-President,\nBusiness Development of Augen.\n\nAbout Augen Capital\n\nBased in Toronto, Augen is a merchant bank specializing in the financing\nof primarily early stage resource companies and is an industry leader in\ntax-advantaged flow-through investments in Canada's resource sector. Our\nManaged Products division earns fees related to the limited partnerships and\nmutual funds including setup, due diligence, and annual and performance fees.\nOur Merchant Banking division provides financing and strategic management\nsupport to resource investee companies and strives to maximize net gains\nrealized on its core investment portfolio of emerging resource stocks. Augen...