Augyva Closes First Tranche of Private Placement Offering and Announces Director Resignations
07 Aprile 2014 - 11:16PM
Marketwired
Augyva Closes First Tranche of Private Placement Offering and
Announces Director Resignations
MONTREAL, QUEBEC--(Marketwired - Apr 7, 2014) - Augyva Mining
Resources Inc. (TSX-VENTURE:AUV) ("Augyva" or the "Company") is
pleased to announce that it has closed the first tranche (the
"First Tranche") of its previously announced private placement (the
"Offering"), issuing 28,456,630 units of the Company (each a
"Unit") at a price of $0.115 per Unit for aggregate gross proceeds
of approximately $3.27 million. Each Unit consists of one common
share in the capital of the Company (a "Common Share") and one
common share purchase warrant (a "Warrant"). Each Warrant will be
exercisable for one common share of the Company (a "Warrant Share")
at an exercise price of $0.14 per Warrant Share at any time prior
to 5:00 p.m. (Toronto time) on April 7, 2019, subject to
accelerated expiry in certain circumstances. The Common Shares and
Warrants comprising the Units and any Warrant Shares issued upon
the exercise of the Warrants are subject to a statutory hold period
which expires on August 8, 2014.
A total of 83,918,826 common shares of the Company are
outstanding following the closing of the First Tranche. The
remaining tranches of the Offering are expected to close over the
next week. The Offering remains subject to final acceptance by the
TSX Venture Exchange.
Augyva also announces the resignations of C. Nigel Lees and
Michael R. Skutezky from the Company's Board of Directors (the
"Board") effective April 7, 2014. The Board would like to thank
Messrs. Lees and Skutezky for their contributions to Augyva and
look forward to their continued support as consultants to the
Company.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding
five properties located in the James Bay and Abitibi regions of the
Province of Quebec. Its major project is its 35% interest in the
Duncan Lake Iron Property located in the western part of the La
Grande Greenstone Belt. The property is accessible by road and
covers approximately 25,602 hectares. Augyva received the results
of a National Instrument 43-101 compliant Preliminary Economic
Assessment prepared by Met-Chem Canada Inc. in March 2013. The
property is subject to an option and joint venture agreement
between Augyva and Canadian Century Iron Ore Corporation which has
65% interest in the property.
In addition to the Duncan Lake Iron Property, Augyva holds a
100% interest in four other mineral properties, namely: Yasinski
and Kali in the James Bay region and Senneville and Malartic in the
Abitibi region. At these mineral properties, the exploration focus
is for other than iron ore.
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.
This news release may contain certain forward-looking
information. All statements included herein, other than statements
of historical fact, are forward-looking information and such
information involves various risks and uncertainties. In
particular, this news release contains forward-looking information
relating to the Offering. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. In particular, there are
certain known and unknown risks, uncertainties and other factors
that may cause the closing of further tranches of the Offering not
to occur, including but not limited to: risks related to capital
markets, general economic conditions, legislative and regulatory
developments and the regulatory approval process for the Offering.
In addition, a description of assumptions used to develop such
forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking
information can be found in Augyva's disclosure documents on the
SEDAR website at www.sedar.com. Augyva does not undertake to update
any forward-looking information except in accordance with
applicable securities laws.
Augyva Mining Resources Inc.Peter R. JonesChairman and Interim
CEO289-837-0143PD123Jones@Gmail.com
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