TORONTO, June 12 /CNW/ - Augen Gold Corp. ("Augen Gold" or the "Company") (TSX-V: AUJ) is pleased to announce that Mr. Robert J. Francis, BASc, CA, has joined the Company as an independent director on the Company's board of directors as well as a member of the audit committee. Mr. Francis was a partner with Deloitte & Touche until he retired in 2007.
The board of directors of Augen Gold is currently comprised of Andrew C. Burns, Michael G. Fowler, Robert J. Francis, Joseph Leeder and J. David Mason and the audit committee of the board of directors of Augen Gold is made up of Mr. Burns, Mr. Francis and Mr. Leeder.
The common shares of Augen Gold will commence trading on the TSX Venture Exchange on Monday, June 16, 2008 under the symbol "AUJ". The Company currently has 24,880,685 common shares issued and outstanding.
Further to its press release dated June 9, 2008 announcing the closing of its initial public offering, Augen Gold provides the following information:
There are 8,547,500 common shares that are subject to a National Policy 46-201 escrow agreement along with 8,437 broker warrants issued pursuant to a private placement of the Company completed in December 2007. The escrow agreement provides that 10% of the escrowed securities will be released on the listing date of Augen Gold's common shares and an additional 15% of the number of escrowed securities originally held pursuant to the escrow agreement shall be released on each of 6, 12, 18, 24, 30 and 36 months from the listing date.
The initial public offering raised gross proceeds of $4.33 million and consisted of 1,387,369 units (the "Units") at a price of $0.70 per Unit and 4,198,150 flow-through shares (the "Flow-Through Shares") at a price of $0.80 per Flow-Through Share. Each Unit is comprised of 1 common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each warrant shall entitle the holder thereof to purchase one common share (a "Warrant Share") at a price of $1.00 per Warrant Share, for a period of twenty-four months. Union Securities Ltd. acted as lead agent for the offering and received a 7% cash commission and 7% broker warrants. The offering was made through a selling group for which Union Securities Ltd. was the lead agent.
About Augen Gold
Augen Gold Corp. is a junior gold exploration company with mining claims located in the Swayze Greenstone Belt. The claims cover an area of approximately 200 square kilometres, 45 kilometres long and up to 8 kilometres wide, including the formerly producing Jerome gold mine and are directly adjacent to the Young Shannon gold deposit. The Company's objective is to aggressively explore the Jerome mine in order to explore the gold potential along strike on the contiguous mining claims, and to continue to expand its property portfolio with highly prospective mineral assets.
For more information on Augen Gold, visit our website at www.augengold.ca
The Company's documents may be accessed at www.sedar.com.
The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.