TORONTO, ONTARIO--(Marketwire - Feb 8, 2013) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") is pleased to announce that yesterday it had closed on an offering of 800,000 Non Flow-Through Units and 400,000 Flow-Through Units at the price of $0.10 per unit for gross proceeds of $120,000. The offering was completed pursuant to the engagement letter with IBK Capital Corp. ("IBK"), under which IBK has agreed to use their best efforts to raise up to $3 million equity financing (for further information please see Augustine''s news release dated December 27, 2012).
Each Non Flow-Through Unit consists of one common share and one common share purchase warrant (a "Warrant") of the Company. Each Flow-Through Unit consists of one flow through common share and one half Warrant.
Each whole Warrant entitles the holder to purchase one common share of Augustine at an exercise price of $0.20 per share at any time until February 7, 2015. Each Warrant is subject to an accelerator clause whereby at Augustine''s option, the holder must exercise their Warrants within 30 calendar days in the event that Augustine''s shares trade at or above $0.40 per share for 15 consecutive trading days.
In consideration of their services, the Company paid IBK a cash commission of $9,600 and 96,000 Agent Options. Each Agent Option entitles the holder to purchase one Non Flow-Through Unit of the Company at the price of $0.10 per unit at any time until February 7, 2015.
All securities issued pursuant to the offerings are subject to a statutory hold period which expires on June 8, 2013. The proceeds from the offerings will be used to further develop its Wawa Gold Project and for general working capital purposes.
Dr. Robert Dodds, President & CEO of the Company states that "Augustine is pleased to have raised this first tranche of the planned $3 million financing so the Company can continue with a targeted work program to expand the 1.1 million ounce gold resource on its Wawa Gold Project. Augustine would like to thank IBK for their efforts to date and looks forward to continuing to work with them".
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has an option to earn a 60% interest on the Wawa Gold Project which encompasses 2,345 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 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 161 claim units known as the Oakley Lake Property totalling 2,576 hectares adjacent to its Wawa Gold Project.
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.