Augen Capital Announces $1.1 Million First Closing of Non-Brokered Private Placement
Shares outstanding: 52,459,770
AUGEN CAPITAL ANNOUNCES $1.1 MILLION FIRST CLOSING OF NON-BROKERED PRIVATE PLACEMENT
TORONTO, Ontario – December 31, 2010: Augen Capital Corp. (“Augen” or “the Company”) (TSX-V: AUG) is pleased to announce it has closed the first tranche of its previously announced $2,000,000 non-brokered private placement financing for gross proceeds of $1,109,091. On closing, Augen issued 15,844,155 units (“Units”) at $0.07 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share at a price of $0.10 for a period of twenty-four months from the closing date. The Company anticipates closing a second tranche of this financing in January 2011.
No finder’s fees were paid by the Company in connection with closing of the first tranche. The net proceeds of the financing will be used to fund general working capital of the Company.
All securities issued in connection with the financing will be subject to restrictions on resale for a period of four months from closing.
About Augen Capital
Augen Capital Corp. (“Augen”) (TSX-V: AUG) is a Toronto-based public merchant bank specializing in the financing of and investment in emerging resource companies. Augen manages a merchant banking hard dollar portfolio of emerging resource stocks.
For further information please contact:
Manish Z. Kshatriya, Chief Financial Officer Tel: 416-479-3302 Toll-free: 888-442-8436
For more information on Augen Capital, visit our website at www.augencc.com The Company’s public documents may be accessed at www.sedar.com
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.