Augustine Ventures Inc.

Augustine Ventures Inc.

October 16, 2012 15:14 ET

Augustine Ventures Receives Loan Financing

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") announces that the Company has received an aggregate of $48,000 (the "Principal") in loans. The loans are evidenced by convertible promissory notes (the "Notes") that are due on January 31, 2013 (the "Due Date") and for which the Company has granted general security agreements in favour of the lenders. Pursuant to the terms of the Notes, the holders may convert some or all of the Principal outstanding on or before the Due Date into units of the Company. Each unit is comprised of one common share and one common share purchase warrant (the "Warrants"). Each Warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.15 at any time for a period of four years from date of issuance. In the event that the Company raises minimum gross proceeds of $250,000 in one or more private placements, the conversion price of the units will be amended to reflect the same terms of the private placement(s).

One of the Notes, in the amount of $13,000, is being held by Dr. Robert Dodds, the President and Chief Executive Officer of the Company and as such, is a related party to the Company and is subject to the Company's policies regarding related party transactions. However this transaction is exempted from the valuation and disinterested shareholder approval requirements pursuant to the applicable exemptions contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The remainder of the Notes totalling $35,000 are being held by two holders who are arm's length parties to the Company.

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 vein deposits and a large number of untested but documented gold occurrences on the property. Augustine also acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Wawa Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.

This press 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 annual information form filed with the Canadian securities regulatory authorities on 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.

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