Augustine Ventures Inc.

Augustine Ventures Inc.

March 02, 2012 16:41 ET

Augustine Ventures Signs Engagement for 1,000,000 Unit Financing

TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Augustine Ventures Inc. ("Augustine" or the "Company") (CNSX:WAW) is pleased to announce that, subject to regulatory approval, it has engaged IBK Capital Corp. ("IBK") to complete a private placement of 1,000,000 units. The private placement consists of up to 1,000,000 units ("Units") at a price of $0.20 per Unit in the capital of the Company for gross proceeds of up to $200,000 (collectively, the "Offering").

Each Unit is comprised of one (1) common share and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one common share for a period of forty eight (48) months from the date of issuance. The Warrants are exercisable at price of $0.25 per common shares.

In connection with the private placement Augustine will pay IBK a fee of a cash payment equal to up to 8% of the gross proceeds of the Offering and issue such number of compensation options ("Compensation Options") equal to up to 8% of the aggregate number of Units sold pursuant to the Offering. Each Compensation Option shall entitle the holder to purchase one Unit at a price of $0.25 per Unit, exercisable at any time until forty eight (48) months from the Closing Date.

The net proceeds of the Offering will be used by the Company for general working capital purposes.

The payment of the finder's fees and the issuance of the securities pursuant to the Offering is subject to regulatory approval. The securities issued pursuant to the Offering will be subject to a statutory four month hold period from the date of issuance.

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga 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.

Augustine has recently acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.

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