Augustine Announces $700,000 Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - December 12, 2014) - Augustine Ventures Inc. (CSE: WAW) ("Augustine" or the "Company") is pleased to announce a brokered private placement to raise up to $700,000 (the "Financing"). Augustine has engaged IBK Capital Corp. ("IBK Capital") for this financing on a best efforts basis.
The details of the proposed financing are as follows:
| a) | Up to 4,000,000 flow through units ("FT Units") at $0.05 per FT Unit, with each FT Unit consisting of (1) common share of Augustine issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one non-flow-through (NFT) common share purchase warrant (a "Warrant") |
| b) | Up to 10,000,000 hard dollar units ("NFT Units") at $0.05 per NFT Unit with each NFT unit consisting of one non-flow-through common share and one non-flow-through common share purchase warrant (a "Warrant"). |
One full Warrant allows the holder to acquire one non-flow-through (NFT) common share of Augustine (a "Warrant Share") for a period of four (4) years at an exercise price of $0.05 per Warrant Share.
Insiders (Management and Directors) will subscribe for approximately 5,600,000 NFT Units.
The proceeds from this financing will be used for exploration purposes at Augustine's Wawa Gold Project and for working capital purposes.
In connection with the Financing, Augustine has agreed to pay IBK Capital a cash commission of 8% of the funds raised , which will be paid from the proceeds of the issuance of NFT Units, and broker warrants in the amount of 8% of the FT Units and NFT Units issued through this offering. Each broker warrant allows the holder to acquire one NFT Unit of Augustine at a price of $0.05/share for four (4) years after the closing date.
All securities issued pursuant to the offerings will be subject to statutory four (4) month hold period from their closing date(s) and to any and all necessary corporate and regulatory approvals.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has an option to earn up to a 75% interest on the Wawa Gold Project which consists of 172 patented and leased claims occupying 2,426 hectares in McMurray Township, southeast of the Town of Wawa, Ontario. Over 95 percent of the property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The property has a NI 43-101 inferred resource of 1.1 million ounces at 1.5 g/t contained in 22,355,000 tonnes with known depth extension to 600 meters, a history of past production from the known vein deposits and a large number of untested but documented gold occurrences. Augustine has also acquired a 100% undivided interest in an additional 182 claim units known as the Oakley Lake Property totalling 2,912 hectares adjacent to its Wawa Gold Project.
For additional information contact:
Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528 x230
Email: bdodds@augustineventures.com
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.