Shares outstanding: 28,857,282
TORONTO, June 29 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is
pleased to announce the first close on June 28, 2006 for Augen Limited
Partnership 2006 ("Augen LP2006") offering at $8.1 million.
Augen LP2006 is a resource flow-through prospectus with a maximum
offering of $30,000,000. The investment objective is to primarily invest in
mining exploration companies with market capitalizations up to $100 million,
with some oil and gas investments. The offering is led by Berkshire Securities
Inc., with syndicate members including IPC Securities Corporation, HSBC
Securities (Canada) Inc., Blackmont Capital Inc., Canaccord Capital
Corporation, Research Capital Corporation, Wellington West Capital Inc.,
Industrial Alliance Securities Inc., Queensbury Securities Inc, and Sora Group
Wealth Advisors Inc.
Augen LP2005, similar to Augen LP2004-1 which was rolled into Augen's
mutual fund in May 2006, is among the top performing funds in the industry
with a Net Asset Value at May 31, 2006 of $136.13 per $100 invested (excluding
tax benefits). Tax benefits 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 offering remains open and it is anticipated that a
second closing will take place prior to September 30, 2006.
"We are delighted to have a strong first close for the Augen LP2006
offering which provides us with access to leading exploration opportunities in
the resource sector during the summer months," said Ron Mann, Vice-President,
Business Development 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. Our
Managed Products division earns fees related to the limited partnerships and
mutual funds including setup, due diligence, and annual and performance fees.
Our 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 $30 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 Capital, 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.
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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
