Augyva Closes Final Tranche of Private Placement Offering and Announces New CEO and Directors
12 April 2014 - 1:17AM
Marketwired
Augyva Closes Final Tranche of Private Placement Offering and
Announces New CEO and Directors
MONTREAL, QUEBEC--(Marketwired - Apr 11, 2014) - Augyva Mining
Resources Inc. (TSX-VENTURE:AUV) ("Augyva" or the "Company") is
pleased to announce that it has closed the third and final tranche
(the "Final Tranche") of its previously announced private placement
(the "Offering"), issuing 4,349,886 units of the Company (each a
"Unit") at a price of $0.115 per Unit for aggregate gross proceeds
of approximately $500,000. 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 10, 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 11, 2014.
A total of 98,940,455 common shares of the Company are
outstanding following the closing of the Final Tranche, inclusive
of 39,128,373 common shares of the Company issued in the first two
tranches of the Offering closed April 7, 2014 and April 8, 2014,
respectively. An aggregate of 43,478,259 Units were issued under
the Offering for gross proceeds of $5 million. Augyva intends to
use the net proceeds from the Offering to finance future
acquisitions, and for general corporate purposes and working
capital, including for the engagement of a full time Chief
Executive Officer and other staff as required. The Offering is
subject to receipt of requisite approvals, including the final
approval of the TSX Venture Exchange.
Concurrent with the closing of the Final Tranche, Augyva is
pleased to announce the appointment of Kuldeep Billan, CFA as Chief
Executive Officer of the Company effective immediately.
Mr. Billan has extensive experience in both private and public
markets and was most recently a member of the investment team at
West Face Capital Inc., a Toronto based institutional investor. Mr.
Billan was previously a Principal with RCM Partners Inc. and prior
thereto was employed by ONCAP Management Partners LP, the
mid-market private equity platform of Onex Corp. Mr. Billan is a
Director of the Company, is a Chartered Financial Analyst and holds
a Bachelor of Commerce degree from the University of Alberta.
The Company's Chairman, Mr. Peter Jones, commented "Kuldeep's
strategic and financial acumen, extensive relationships and capital
markets expertise will strongly benefit Augyva and its shareholders
as the Company prioritizes growth through acquisition and long term
per share value maximization".
The Board of Directors would like to recognize the contributions
of Mr. Jones who has acted as interim Chief Executive Officer since
2011.
Mr. Billan commented that "Mr. Jones' contributions as interim
Chief Executive Officer have been invaluable as he has worked
tirelessly to stabilize the Company and protect shareholder value
since his appointment. We sincerely appreciate Mr. Jones' efforts
and look forward to his continuing role as a Director of the
Company".
Augyva is also pleased to announce the appointment of two new
directors, Louis De Jong and Curtis Johansson, effective April 11,
2014.
Mr. De Jong is the Founder and Managing Partner of De Jong &
Co., a boutique merchant bank engaged in principal investment and
financial advisory services. Mr. De Jong also currently holds the
position of Chief Financial Officer at BSM Technologies Inc., a De
Jong & Co. investee company. Prior experience includes
co-founding and serving as managing director of Jemekk Capital
Management Inc. and progressively senior positions in institutional
equity sales at Credit Suisse First Boston and Sprott Securities
Inc. Mr. De Jong is a member of the Canadian Institute of Chartered
Accountants, and holds a Bachelor of Arts (Economics) degree from
the University of Western Ontario.
Mr. Johansson is a Managing Director of CAI Capital Management,
a North American private equity firm specializing in buyouts,
restructurings, acquisitions, recapitalizations and other corporate
growth initiatives. Through his activities at CAI, Mr. Johansson is
a director or board observer of a number of CAI's portfolio
companies. Prior to joining CAI, Curtis was with RBC Capital
Markets, in London, England and Calgary, Alberta. Mr. Johansson
holds a Bachelor of Commerce degree from the Haskayne School of
Business at the University of Calgary.
The Company's Board of Directors is now comprised of the
following Directors:
- Peter R. Jones, P.Eng
- Farhad Abasov, MBA
- Kuldeep Billan, CFA
- Sandy Chim, MBA, CA
- Louis De Jong, CA, CPA
- Curtis Johansson
The Board would lastly like to recognize and thank Mr. Abasov
and Mr. Chim for their support and guidance over the past several
years and look forward to their continuing contributions as
Directors during Augyva's exciting new growth phase.
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 receipt of final approval of 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, forward-looking
information involves certain known and unknown risks, uncertainties
and other factors 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.
Kuldeep Billan, CFA905-272-0277kbillan@rogers.com
Augyva Mining Resources Inc. (TSXV:AUV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Augyva Mining Resources Inc. (TSXV:AUV)
Historical Stock Chart
From Jul 2023 to Jul 2024