Augen Gold PPAugen Gold which is a major position of Augen Capital is rasing new cash to fast track this operation.
Augen Capital is
trading at a big discount to book value and is dwon due to revenues dropping substantially. Teh big upside will be based on their portfolio holdings which should look very attractive considering the run-up of samll cap mining stocks.
AUGEN GOLD CORP.
GLD: TSX-V
Price (October 14): $0.08
52-Week Range: $0.215-$0.025
Shares Outstanding: 32.4 million
Market Cap: $2.6 million
PRIVATE PLACEMENT OF UP TO $1,000,000
Augen Gold Corp. has arranged a non-brokered private placement of up to $1,000,000 through the sale of 10,000,000 units at $0.10 per unit. Investors will have a choice of units - Series A or Series B.
Series A Units
The Series A unit comprises one common share and one common share purchase warrant. A full purchase warrant entitles the holder to acquire a common share at $0.15 in year one, $0.20 in year two, $0.30 in year three, $0.40 in year four, and $0.50 in year five, for an aggregate period of five years from the closing date (subject to certain timing and price provisions).
Series B Units
The Series B unit comprises one share and one common share purchase warrant. A full purchase warrant entitles the holder to acquire a common share on a flow-through basis at $0.20 for a period of five years from the closing date (also subject to certain timing and price provisions).
Use of Proceeds
The financing is subject to regulatory approval and closing. The proceeds will be used to fund exploration and working capital.