TORONTO, March 5, 2015 /CNW/ - This press release is being disseminated by Dr. Bernard C. Sherman ("Dr. Sherman"), 50 Old Colony Road, Toronto, Ontario, M2L 2K1, as required by National Instrument 62-103 in connection with the filing of an Early Warning Report regarding the acquisition of common shares and warrants of Augustine Ventures Inc. ("Augustine").
Citabar Limited Partnership, which is indirectly beneficially owned by Dr. Sherman, converted on February 25, 2015 $168,430.41 of debt that it held in Augustine into 3,368,608 treasury common shares of Augustine at a price of $0.05 per share, representing approximately 5.0% of the outstanding shares of Augustine, together with warrants to purchase an additional 3,368,608 treasury common shares representing approximately 5.0% of the outstanding common shares at a price of $0.05 per share until February 25, 2019. As a result of the debt conversion, Dr. Sherman indirectly beneficially owns 7,318,608 common shares of Augustine and warrants to purchase an additional 3,368,608 common shares, representing in total approximately 15.2% of the shares of Augustine that would be outstanding assuming exercise of the warrants.
The securities were acquired for investment purposes. Dr. Sherman may increase or decrease his beneficial ownership or control of shares of Augustine depending on market or other conditions.
The securities were issued from treasury pursuant to an exemption under National Instrument 45-106.
A copy of the Early Warning Report may be found on www.SEDAR.com.
SOURCE Dr. Bernard Sherman