Augen Gold Corp. Announces Acceleration of Warrants
December 03 2010 - 6:55PM
Marketwired
The Directors of Augen Gold Corp. ("Augen Gold" or the "Company")
(TSX VENTURE: GLD) announce that they have elected to accelerate
the expiry of the remaining 22,089,957 warrants ("Warrants") to
purchase common shares ("Common Shares") of the Company issued in
two separate tranches, on May 14, 2010 and May 20, 2010, as part of
a private placement of flow-though units and units of the Company
(the "Private Placement"). Each Warrant entitles the holder to
purchase one Common Share at a price of $0.25 per share. The
Warrants were originally set to expire on November 14, 2011 and
will now expire on January 7, 2011. If all of the Warrants are
exercised, the Company will receive gross proceeds of approximately
$5,522,489.25. The net proceeds of the Warrant exercises will be
used to fund the Company's exploration initiatives and for working
capital purposes.
Pursuant to the certificates governing the Warrants, the Company
has the right to accelerate the expiry date of the Warrants in the
event that the Common Shares trade at a volume weighted average
price of greater than $0.40 on the TSX Venture Exchange ("TSX-V")
for more than ten (10) consecutive trading days following September
15, 2010, with respect to the Warrants issued pursuant to the May
14, 2010 tranche of the Private Placement, and September 21, 2010,
with respect to the Warrants issued pursuant to the May 20, 2010
tranche of the Private Placement (collectively, the "Acceleration
Event"). To exercise this right, the Company must, within thirty
(30) days of the Acceleration Event, elect to accelerate the expiry
date of the Warrants by giving notice to the holders ("Notice") by
way of a news release and formal notice of an accelerated warrant
expiry, in which case the expiry date of the Warrants is
accelerated to the date that is at least thirty (30) days after the
first date after which the Notice is given.
This news release constitutes part of the Notice that the
Acceleration Event has occurred, in that the volume weighted
average closing price of the Common Shares on TSX-V has been
greater than $0.40 for ten (10) or more consecutive trading days,
and the Company has elected to accelerate the expiry date of the
Warrants. An expiry date of January 7, 2011 was selected to allow
additional time in light of year-end business holidays.
Warrant holders may exercise their rights to acquire Common
Shares by duly completing and executing the exercise form attached
to the warrant certificate representing the Warrants before 4:00
p.m. (Toronto time) on January 7, 2011 and surrendering the Warrant
Certificate to Capital Transfer Agency Inc., Suite 1101, 105
Adelaide Street West, Toronto, Ontario, Canada M5H 1P9 (the
"Warrant Agent") together with a certified cheque, money order, or
bank draft in lawful money of Canada payable to Capital Transfer
Agency Inc. or to the order of the Company for the aggregate
exercise price for the Common Shares subscribed for.
About Augen Gold
Augen Gold is a gold exploration company with 23,685 hectares of
staked and patented mining claims in the Southern Swayze Greenstone
Belt, including the formerly producing Jerome Gold Mine. The claims
cover a 45-kilometre long section of the Ridout Deformation Zone,
believed to be the western extension of the Kirkland Lake/Larder
Lake Break. The geological setting is comparable to the major gold
camps of Timmins and Kirkland Lake, and the claims contain numerous
gold showings that have received very little historical
exploration. Augen Gold is the first company to have assembled such
a coherent ground position. Augen Gold has performed a detailed
airborne geophysical survey over the whole area, and its sampling
program has confirmed the historically reported gold values. The
correlation of many gold showings with geophysical features
indicates excellent potential for the discovery of additional
deposits. The Company's objectives are to aggressively explore the
gold showings that correlate with geophysical anomalies, continue
resource definition at the Jerome Mine, and to expand its property
portfolio with highly prospective mineral assets.
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.
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.
Shares outstanding: 102,783,064
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.
Contacts: Augen Gold Corp. J. David Mason Chief Executive
Officer and Director 416.915.4231 dmason@augengold.ca
www.augengold.ca
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