Business
Augen Gold Corp. announces non-brokered private placement of up to $1,750,000
Augen Gold Corp. announces non-brokered private placement of up to $1,750,000
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Apr. 23, 2010 (Canada NewsWire Group) -- /CNW/ -- Augen Gold Corp. (\"Augen Gold\" or \"the Company\") (TSX-V: GLD) is pleased to announce a non-brokered private placement of up to $1,750,000 subject to regulatory approval and closing. The private placement will consist of the sale of up to 4,545,455 Flow-Through Units at $0.22 per Flow-Through Unit for gross proceeds of $1,000,000, and the sale of up to 4,411,765 Units at $0.17 per Unit for gross proceeds of $750,000.Each Flow-Through Unit will consist of one common share and one-half common share purchase warrant of the Company. Each Unit will consist of one common share of the Company and one common share purchase warrant. Each whole Warrant will entitle the holder to purchase one common share at a price of $0.25 for a period of 18 months following the closing date. The Company will have the right to accelerate the expiry date of the Warrants if the volume weighted average closing price of Augen Gold's common shares, as traded on the TSX-V, exceeds $0.40 per share for more than 10 consecutive trading days. In that event, the Warrants will expire 30 days after Augen Gold has given notice of the accelerated expiry to the Warrant holders.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. A finder's fee will be payable to Industrial Alliance Securities Inc. and Secutor Capital Management Corporation.About Augen GoldAugen Gold is a gold exploration company with 23,877 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 historical exploration. Augen Gold is the first company to have assembled such a coherent ground position. Augen Gold has performed a detailed airborne geophysical survey over the whole area, and its sampling program has confirmed the historically reported gold values. The correlation of ma...