TORONTO, ONTARIO — (Marketwire) — 03/22/12 — Augustine Ventures Inc. (CNSX: WAW) („Augustine“ or the „Company“) is pleased to announce that it has completed a private placement of 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 to purchase one common share at an exercise price of $0.25 at any time until March 22, 2016.
In connection with the private placement Augustine will pay IBK Capital Corp. a finder-s fee comprising of a cash payment of $16,000 and issue 80,000 compensation options („Compensation Options“). Each Compensation Option entitles the holder to purchase one Unit at an exercise price of $0.20 at any time until March 22, 2016.
The net proceeds of the Offering will be used by the Company for general working capital purposes.
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.
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.
Contacts: Augustine Ventures Inc. Wayne Isaacs Chairman and CEO (416) 363 2528
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