Business
Augen Gold Corp. Announces $470,000 Third Closing of Non-Brokered Private Placement for Total Proceeds Raised of $1,500,000
Augen Gold Corp. Announces $470,000 Third Closing of Non-Brokered Private Placement for Total Pro...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\nJan. 29, 2010 (Canada NewsWire Group) -- TORONTO, Jan. 29 /CNW/ -- Augen Gold Corp. (\"Augen Gold\" or \"the Company\") (TSX-V: GLD) is pleased to announce completion of a non-brokered private placement of $470,000 through the sale of 4,700,000 Units at $0.10 per Unit. As a result of this closing and closings announced on October 29, 2009 and December 16, 2009, Augen Gold has completed non-brokered financings aggregate gross proceeds of $1,500,000. The private placement was oversubscribed.Pursuant to these financings, each Unit consists of one common share and one flow-through common share purchase warrant (\"Flow-Through Warrant\"). Each full Flow-Through Warrant entitles the holder to acquire a common share of Augen Gold on a flow-through basis at a price of $0.20 for a period of 5 years from the closing date, provided that after two years have elapsed from the closing date, and upon the closing trading price of Augen Gold's common shares being at or above the price of $0.70 for 10 consecutive trading days, the Flow-Through Warrants shall expire on the earlier of: (i) the expiry date of such Flow-Through Warrants, or (ii) such date which is 30 days after the first business day following the date Augen Gold provides written notice to the holders of Flow-Through Warrants that the Flow-Through Warrants will expire at the end of such 30-day period.Net proceeds of the financing will be used to fund exploration and working capital. All securities issued in conjunction with the offering will be subject to a hold period, which expires four months after closing. On this third closing, finders were paid a cash commission of $27,650 and were issued 276,500 broker warrants. Each broker warrant entitles the holder to acquire one Series B Unit for a period of 5 years at an exercise price of $0.10 per Unit.About Augen GoldAugen Gold is a gold exploration company with 24,581 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine. The claims cover a 45 kilometre long section of the Ridout Deformation Zone, believed to be the western extension of the Kirkland Lake/Larder Lake Break. The geological setting is comparable to the major gold camps of Timmins and Kirkland Lake, and the claims contain numerous gold showings that have received very little historica...