Great Work Augen Board of Directors and CEOWell at least the options weren't at .07 . Maybe they felt bad moving the share price from .12 down to .08 due to their decision to raise cash at .07 with .10 warrants for 2 years. They did such a good job in dropping the price that they issued themselves options = to 9.3% of the outstanding shares. The board was kind enough to leave 11,561 options on the table for future directors and only took 3,400,000 for themselves.
"Augen Capital Corp. ("Augen" or "the Company") (TSX-V: AUG) today announces the granting of 3,400,000 options to purchase common shares of the Company to Directors and Officers of Augen, subject to regulatory approval. Under the Company's 10% "rolling" stock option plan, the Company can currently have outstanding options to acquire up to a maximum of 3,661,561 common shares. Including the above grant, a total of 3,650,000 options are currently outstanding under the stock option plan."
Watch for next year they try to make a move to issue more than 10% of the outstanding shares as options as there are no more options left to issue...... Oh wait I forgot about the mass dilution of shares due to the private placement. Mass dilution means more shares and now the 10% amount of options grows substantially to reissue more to the board of directors and the CEO.
This stock is so dispised right now I could sell my shares on a market order and the shares would be very likely hit .04 pretty quickly with a good chance of hitting .02 if no new orders jumped in to buy up my shares. That is if I wanted to be vindicitive as only 176,000 shares between .08 and .02 at the market close. I don't want to hurt fellow shareholders so I won;t do stupid things just to follow others lack of leadership / guidance. But would feel great if they got
raised due to their antics and we get these "great wealth destroyers" kicked out of Augen Capital and we liquidate the companyand double our money.
I forgot that the bookvalue calculation is slighly lower as Augen had to pay $650,000 cash to get out of an overprirced managment agreement arranged through the prior brains of the operation. Interesting how the only people making money are the ones setting the rules. Only thing that can be done is shame the board on their actions for trying to dilute our shares at .07 each??
Feel free to contact any of the below and tell them how you feel to have yoru hard earned money ripped out of your hands and to be given to their contacts.
Alan Cruickshank is the CEO and his e-mail is alan.sap@gmail.com.
Anybody that cares about their investment should call Augen Capital or e-mail this guy or
.... directors Conor S. Bill, Stephen Johnson, Norman Brewster, Peter Miller and Michael Newman.