Shares outstanding: 32,400,614
TORONTO, Sept. 1 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is
pleased to announce the launch August 31, 2006 for the Augen Limited
Partnership 2006-1 ("Augen LP2006-1") offering.
Augen LP2006-1 is a resource flow-through limited partnership offered by
Offering Memorandum with a minimum of $3,000,000 and a maximum offering of
$15,000,000. The investment objective of the partnership is to primarily
invest in mining exploration companies with market capitalizations up to $100
million, with some oil and gas investments. The private placement offering is
led by Queensbury Securities Inc. and is primarily available through limited
market dealers.
Tax benefits of the Augen LP2006-1 include up to a 100% investment
deduction and a federal tax credit of approximately 12%. The after-tax break
even point, after capital gains tax is approximately 60% of the initial
investment for an Ontario resident.
The Augen LP2006-1 offering books are open and it is anticipated will
close on or before October 31st.
"The Augen LP2006-1 Offering Memorandum will complement the Augen 2006
Prospectus offering which has raised over $9.8M and has a final close of end
of September 2006, thereby enabling Augen to look at larger pro-rata
opportunities for both offerings," said Cletus Ryan, Vice-President of Sales
of Augen.
About Augen Capital
Based in Toronto, Augen is a merchant bank specializing in the financing
of primarily early stage resource companies and is an industry leader in
tax-advantaged flow-through investments in Canada's resource sector. The
Managed Products division earns fees related to the limited partnerships and
mutual funds including setup, due diligence, and annual and performance fees.
The Merchant Banking division provides financing and strategic management
support to resource investee companies and strives to maximize net gains
realized on its core investment portfolio of emerging resource stocks. Augen
has over $40 million in assets under administration, including its merchant
banking investment portfolio, resource flow-through limited partnerships, and
Augen Resource Strategy Fund.
For more information on Augen, visit our website at www.augencc.com
The company's public 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 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
