Shares outstanding: 32,400,614
TORONTO, Nov. 7 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is
pleased to announce that Augen Limited Partnership 2005 ("LP2005", CUSIP No.
051048106) is proposing to transfer its assets to Augen Resource Strategy Fund
("Augen RSF"), a mutual fund corporation, on or about December 29, 2006 in
exchange for redeemable mutual fund shares having equal value. The exchange
ratio will be based on the net asset value of LP2005 and Augen RSF on the day
immediately prior to transfer.
LP2005 will be dissolved within 60 days of the anticipated transfer of
assets with the result that limited partners of LP2005 will become
shareholders of Augen RSF on a tax-deferred rollover basis. Investors will
then be able to redeem their mutual fund shares or retain them for longer-term
growth. This transaction is subject to approval by limited partners of LP2005.
"We are pleased to announce rollover liquidity to investors in LP2005
within 12 months of the closing of the prospectus offering," said Cletus Ryan,
Vice President of Sales, Augen.
Augen is planning the launch of the 2007 Augen Flow-Through Limited
Partnership offering in early 2007.
About Augen Capital
Based in Toronto, Augen Capital is a merchant bank specializing in the
financing of, and investment in, early stage resource companies and is an
industry leader in tax-advantaged flow-through investments in Canada's
resource sectors. Augen has raised over $35 million in flow-through limited
partnership assets in the last four years. The Company now has under
management a core portfolio of primarily emerging resource stocks, two
Resource Flow-Through Limited Partnerships, and its mutual fund, Augen
Resource Strategy Fund.
The TSX Venture has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission.
%SEDAR: 00008335E
