Aegean Metals Group Inc.

TSX VENTURE : AGN


November 14, 2012 13:36 ET

Aegean Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Aegean Metals Group Inc. ("Aegean" or the "Company") (TSX VENTURE:AGN) is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 10,000,000 units (the "Units") at a price of $0.15 per Unit for gross proceeds of $1,500,000.

Each Unit consists of one common share of the Company and one common share purchase warrant entitling the holder thereof to purchase an additional common share of the Company at a price of $0.25 until November 14, 2014.

Haywood Securities Inc. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received: 1) a commission equal to 7% of the gross proceeds of the Offering, of which $105,000 was paid in cash; and 2) 700,000 agent's options, each agent's option entitling the Agent to acquire one agent's unit at a price of $0.15 until November 14, 2014. Each agent's unit consists of one common share of the Company and one common share purchase warrant entitling the Agent to acquire one common share of the Company at a price of $0.25 until November 14, 2014. The Agent also received a corporate finance fee of $25,000 and reimbursement for its expenses.

The common shares of the Company have been approved for listing on the TSX Venture Exchange and will commence trading on or about November 16, 2012, under the symbol AGN.

The funds raised from the Offering will be used by the Company to fund the Ergama Project and for administrative expenses and unallocated working capital.

About Aegean Metals Group Inc.

The Company is a junior mineral exploration company based in Canada and its principal business activity is the acquisition, exploration and development of gold and copper properties. The Company has focused its efforts on pursuing mineral exploration properties in Turkey. Presently, the Company's primary focus is on the Ergama Project located at the edge of the Kazdag mountain range, Balikesir Province in Western Turkey.

Forward-Looking Statement

This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Forward Looking Information includes, but is not limited to, statements relating to the amount of financings; expected use of proceeds; business objectives; the acquisition of interests in mineral properties; the timing and costs of future exploration activities on the Company's properties; success of exploration activities; permitting time lines and requirements for additional capital. The material assumptions upon which such forward-looking statements are based include, but are not limited to the assumption that any additional financing needed will be available on reasonable terms. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the Company's forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: risks related to the completion of financings and the use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks of the mineral exploration industry; environmental risks; community relations; and delays in obtaining governmental approvals or financing. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties the Company faces are described in greater detail in the "Risk Factors" section of the Company's amended and restated prospectus dated September 28, 2012, and other continuous disclosure documents and financial statements filed with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.

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.

Contact Information

  • Aegean Metals Group Inc.
    Stephanie Ashton
    Chief Financial Officer
    (604) 687-3520