Gordon Glenn announces another.... below market financing and the giveaway of millions of shares to himself and others to pay debt for their work "de-risking" the project. Since Gordon Glenn took over as ceo the share price has fallen 75% to 6 cents.
DO NOT BUY STOCK IN THIS COMPANY. EVER!!!! Make this your"best effort" never to invest in companies that have no regard for shareholders. Still no insider buying even at 6 cents.
TORONTO, ONTARIO--(Marketwire - Jan. 17, 2013) - Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") is pleased to announce that it intends to complete a best efforts non-brokered private placement financing of up to 8,333,333 units ("Units") at a price of $0.06 per Unit for gross proceeds of up to $500,000 (the "Offering").
Each Unit will be comprised of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one common share for $0.10 for a period of 24 months following the closing date of the financing. Where the closing price of the common shares equals or exceeds $0.13 for 20 consecutive trading days following the date that is four months and one day after the date of issuance of the Warrants, the Corporation shall have the right to require conversion of the Warrants at the exercise price therefore upon 30 days' notice.
The Company announces that it has reached an agreement to settle up to $300,000 in debt with arm's length and non-arm's length parties subject to regulatory approval. The indebtedness relates to the provision of services, supplies and consulting. The Company's CEO, Gorden Glenn, key consultants and other creditors will be issued Common shares priced at today's closing price ($0.075) for a total of up to 4,000,000 shares in settlement of up to $300,000 of debt.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.