Business
Augen Gold Corp. Applies for Listing of Flow-Through Warrants
Augen Gold Corp. Applies for Listing of Flow-Through Warrants
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\n Jul. 28, 2010 (Canada NewsWire Group) -- \n \n \n TORONTO, July 28 /CNW/ - Augen Gold Corp. (TSXV:GLD) ("Augen Gold" or the "Company") advises that it has applied to the TSX-V for listing of its flow-through warrants sold this past January. An offering was completed last January for 15 million units consisting of one common share and one full warrant, with each unit priced at $0.10. The 'B' Units have a flow through warrant exercisable at $0.20.\nThe Company has obtained a CRA Advance Income Tax Ruling that provides that the common shares of the Company issuable on the exercise of the Company's listed flow-through warrants will qualify as "flow-through shares" under the Income Tax Act (Canada) entitling any person exercising any of the Company's listed flow-through warrants to a CEE deduction for the full $0.20 amount of the exercise price of the warrant.\nThe Company believes that this is the first time that anyone has applied to list flow-through warrants for trading in Canada. The Company believes this could become a terrific financial planning tool, as a result of the five year exercise window.\nThe TSX-V is reviewing the application for trading the flow-through warrants and the Company is hopeful that trading will begin in 3 weeks subject to regulatory approval.\n\nAbout Augen Gold:\n\nAugen 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 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.\nThe correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. The Company's objectives are to aggressively explore the gold showings that correlate with geophysical an...