Augustine Venture Inc.

March 25, 2011 09:32 ET

Augustine Ventures Closes Final Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - March 25, 2011) - Augustine Ventures Inc. ("Augustine" or the "Company") is pleased to announce that it has closed the final tranche of the private placement announced on December 20, 2010. The final tranche is comprised of 800,000 Flow through Units and 1,900,000 Non Flow Through Units for gross proceeds of $540,000.

Each Non Flow Through Unit consists of one common share and one common share purchase warrant (a "Warrant") of the Company. Each full Warrant entitles the holder to purchase one additional common share of the Company at $0.40 for a period of two years following the closing date. The Warrant's expiry date shall be accelerated to thirty days from the fifteenth consecutive trading day on which the shares of the Company close at or above $0.60, provided that it occurs four months and a day after the closing date. All securities issued pursuant to the Non Flow Through Offering will be subject to the statutory four month plus one day hold period from the closing date.

Each Flow Through Unit consists of one flow through share priced at $0.20 and one half common share purchase warrant of the Company. Each full Warrant entitles the holder to purchase one additional common share of the Company at $0.40 for a period of two years following the closing date. The Warrant's expiry date will be accelerated to thirty days from the fifteenth consecutive trading day on which the shares of the Company close at or above $0.60, provided that it occurs four months and a day after the closing date. All securities issued pursuant to the Flow Through Offering will be subject to the statutory four month plus one day hold period from the closing date.

In consideration of their services for the final tranche, the Company paid IBK Capital Corp. a cash commission of $43,200 and 216,000 Compensation Options. 

The Company has filed an application to have its common shares listed and traded through the facilities of the TSX Venture Exchange. In the event that the Company's shares are not listed for trading on the TSX Venture Exchange or any other prescribed stock exchange within 4 months and 1 day (the "Listing Period") from the closing date of the final tranche, the subscribers shall receive, without any further action on their part and without payment of any further consideration, an additional number of units equal to 15% of the number of units subscribed for by such subscribers. The payment of such additional units (the "Additional Units") shall happen on the date that is five (5) days from the expiry of the Listing Period. The additional Units shall be on the same terms as the Offering.

Wayne Isaacs, Chairman and CEO stated that "we are now fully funded to complete our planned exploration program and we are looking forward to completing a NI 43-101 resource estimate shortly."

The current capitalization of the Company is as follows:
 
Issued & Outstanding Common Shares 25,049,290
Stock Options 615,000
Warrants 13,526,790
Compensation Options 1,020,000

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company which has secured 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. 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 deposits and a large number of untested but documented gold occurrences on the property. Funds raised pursuant to this offering will be used for further exploration of this property and general and administrative purposes.

Contact Information