Augusta Enters Into Securities Purchase Agreement
17 Dicembre 2013 - 2:22AM
Marketwired
Augusta Enters Into Securities Purchase Agreement
TORONTO, ONTARIO--(Marketwired - Dec 16, 2013) - Augusta
Industries Inc. ("Augusta" or the "Corporation") (TSX-VENTURE:AAO),
a developer and manufacturer of patented non-intrusive sensing
systems, is pleased to announce that it has entered into a
securities purchase agreement dated December 16, 2013 (the
"Agreement") with Pinetree Capital Ltd. ("Pinetree").
Pursuant to the terms of the Agreement,:
- Pinetree has agreed to subscribe for an aggregate of 18,000,000
common shares in the capital of the Corporation at a deemed price
of $0.05 per share (the "Augusta Shares"); and
- the Corporation has agreed to subscribe for an aggregate of
3,000,000 common shares in the capital of Pinetree at a deemed
price of $0.30 per share (the "Pinetree Shares")
As Augusta and Pinetree are related parties due to Pinetree's
shareholdings in Augusta, the rules of the TSX Venture Exchange
require that the Corporation obtain shareholder approval (excluding
those shares owned and/or controlled by Pinetree) for the issuance
of the Augusta Shares. In obtaining such approval, the Corporation
will be obtaining shareholder approval by way of written
confirmation.
The closing of the transaction is scheduled to occur on or about
January 31, 2014. The securities issued under or in connection with
the transaction will be subject to a four (4) month hold period.
Completion of the transaction is subject to a number of conditions,
including, without limitation, receipt of all applicable regulatory
approvals.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc.
("Marcon") and FOX TEK Canada Inc. ("Fox Tek"), the Corporation
provides a variety of services and products to a number of
clients.
Marcon is an industrial supply contractor servicing the energy
sector and a number of US Government entities. Marcon's principal
business is the sale and distribution of industrial parts and
equipment (Electrical, mechanical and Instrumentation.) In addition
to departments and agencies of the U.S. Government, Marcon's major
clients include Saudi Arabia-Sabic Services (Refining and
Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar
Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum,
Agiba Petroleum and Burullus Gas Co.
Fox Tek develops non-intrusive asset health monitoring sensor
systems for the oil and gas market to help operators track the
thinning of pipelines and refinery vessels due to
corrosion/erosion, strain due to bending/buckling and process
pressure and temperature. The Corporation's FT fiber optic sensor
and corrosion monitoring systems allow cost-effective, 24/7 remote
monitoring capabilities to improve scheduled maintenance
operations, avoid unnecessary shutdowns, and prevent accidents and
leaks.
The TSX Venture Exchange has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
This press release contains forward-looking statements based
on assumptions, uncertainties and management's best estimates of
future events. Actual results may differ materially from those
currently anticipated. Investors are cautioned that such
forward-looking statements involve risks and uncertainties.
Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements are detailed from time to time in the Corporation's
periodic reports filed with the Ontario Securities Commission and
other regulatory authorities. The Corporation has no
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Augusta Industries Inc.Allen LonePresident, CEO & CFO(905)
338-2323 Ext 22atlone@marcointl.com
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