Alan Cruickshank

July 27, 2011 13:12 ET

Acquisition of Shares of Augen Capital Corp.

TORONTO, ONTARIO--(Marketwire - July 27, 2011) - Alan Cruickshank, President and CEO of Augen Capital Corp. ("Augen") announces that, pursuant to a private placement, Mr. Cruickshank acquired 2,500,000 units ("Units") of Augen at a price of $0.08 per Unit. Each Unit consisted of one common share of Augen ("Common Share") and one common share purchase warrant ("Warrant"), with each Warrant exercisable into an additional Common Share. Assuming full exercise of the Warrants, acquisition of the Units represented approximately 6.08% of the outstanding Common Shares at the time of such acquisition. Following completion of the private placement, Mr. Cruickshank beneficially owned or exercised control or direction over, a total of 4,880,000 Common Shares, stock options exercisable into 1,200,000 Common Shares and Warrants exercisable into 3,250,000 Common Shares, representing approximately 11.34% of the issued and outstanding Common Shares (on a partially diluted basis) at such time.

Mr. Cruickshank also announces that subsequent to the above-noted private placement, he acquired 697,000 Common Shares, representing approximately 0.85% of the outstanding Common Shares at such time. These Common Shares were acquired on the TSX Venture Exchange at a price of $0.08 per share. Following completion of this acquisition, Mr. Cruickshank beneficially owned or exercised control or direction over, a total of 6,727,000 Common Shares, stock options exercisable into 1,200,000 Common Shares and Warrants exercisable into 3,250,000 Common Shares, representing approximately 13.58% of the issued and outstanding Common Shares (on a partially diluted basis) at such time.

The above Common Shares and Warrants were acquired for investment purposes and Mr. Cruickshank reserves the right to acquire beneficial ownership or control or direction of further securities of Augen depending on market conditions and other relevant factors.

An early warning report (the "EWR") will be filed on SEDAR and will be available for review at www.sedar.com under Augen's profile. A copy of the EWR can be obtained from the contact below.

Contact Information

  • Augen Capital Corp.
    Alan Cruickshank
    416-777-2007