TORONTO, May 19 /CNW/ - Libra Advisors, LLC ("Libra"), announced today that it has acquired, on behalf of Libra Fund, LP and Libra Offshore Master Fund, LP (the "Funds"), 11,765,000 Units of Augen Gold Corp. ("Augen") at a price of $0.17 per Unit in connection with Augen's private placement. Each Unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share in the capital of Augen at a price of $0.25 for a period of 18 months following the closing date, being May 14, 2010. Augen may accelerate the expiry date of the warrants if the volume weighted average closing price of Augen's common shares, as traded on the TSX-V, exceeds $0.40 per share for more than 10 consecutive trading days following the date that is four months and one day after the date of closing. The securities issued pursuant to the private placement will be subject to trade restrictions expiring on September 15, 2010 pursuant to applicable securities laws.
As a result of the acquisition, the Funds now hold 11,765,000 common shares representing approximately 15.85% of the outstanding common shares of Augen, and 11,765,000 warrants of Augen that, if exercised, would result in the Funds holding approximately 27.37% of the total outstanding common shares of Augen.
Libra acquired these Units on behalf of the Funds for investment purposes and may, from time to time, acquire additional securities of Augen or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.
SOURCE LIBRA ADVISORS, LLC
For further information: For further information: Mr. Ranjan Tandon, Managing Member at (212) 350-5125