Augen Gold Corp. Announces $315,000 First Closing of $1,000,000 Non-Brokered
Private Placement
Shares outstanding: 35,979,835
In the first closing, a total of 3,150,000 Series B Units were sold for a total of
Proceeds of the financing will be used to fund exploration and working capital. All securities issued in conjunction with the offering are subject to a hold period, which expires four months after closing. Finders were paid a cash commission of
Augen Gold is in discussions with a related party for a secured loan facility which includes security over all the assets of the Company, including its staked and patented mining claims. The loan facility is expected to significantly assist the Company with satisfying its existing flow-through obligations. The loan facility is currently being considered by the board and a special committee of independent directors that has been established to consider the transaction.
About Augen Gold
Augen Gold is a gold exploration company with 24,581 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
For further information: J. David Mason, Chief Executive Officer and Director, Augen Gold Corp., Tel: (416) 479-3300, Toll-free: 1-888-442-8436; For more information on Augen Gold, visit our website at www.augengold.ca; The Company's public documents may be accessed at www.sedar.com
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