TORONTO, ONTARIO--(Marketwire - Jan. 30, 2013) - Augusta Industries Inc. (TSX VENTURE:AAO) ("Augusta" or the "Corporation"), a developer and manufacturer of patented non-intrusive sensing systems, is pleased to announce that, further to its press release dated January 14, 2013, it has completed the purchase of 1,111,111 common shares (the "Pinetree Shares") in the capital of Pinetree Capital Ltd. ("Pinetree").
Pursuant to a securities purchase agreement dated December 17, 2012 (the "Agreement"), the Corporation issued an aggregate of 20,000,000 units to Pinetree at a deemed price of $0.05 per unit (the "Units"). Each Unit is comprised of one (1) common shares and one-third (1/3) of one common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to acquire one (1) common share at an exercise price of $0.10 per share for a period of two (2) years from the date of issuance. The securities issued to Pinetree are subject to a four (4) month hold period, which expires May 26, 2013.
In addition, the corporation would like to announce that Mr. Momenur Rahman has been appointed Chief Financial Officer. Mr. Rahman has several years of experience in finance and accounting.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and FOX TEK Canada Inc. ("Fox Tek"), the Corporation provides a variety of services and products to a number of clients.
Marcon is an industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon's principal business is the sale and distribution of industrial parts and equipment (Electrical, mechanical and Instrumentation.) In addition to departments and agencies of the U.S. Government, Marcon's major clients include Saudi Arabia-Sabic Services (Refining and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and Burullus Gas Co.
Fox Tek develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. The Corporation's FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.