Pan Global Resources Inc. press release
Strong First Close for Augen LP 2006
TSXV - TSX Venture Exchange · Copper · Tin · Gold · Silver · Zinc · Lead · Cobalt · Nickel · Platinum · Palladium · Canada
Shares outstanding: 28,857,282
TORONTO, June 29 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is pleased to announce the first close on June 28, 2006 for Augen Limited Partnership 2006 ("Augen LP2006") offering at $8.1 million. Augen LP2006 is a resource flow-through prospectus with a maximum offering of $30,000,000. The investment objective is to primarily invest in mining exploration companies with market capitalizations up to $100 million, with some oil and gas investments. The offering is led by Berkshire Securities Inc., with syndicate members including IPC Securities Corporation, HSBC Securities (Canada) Inc., Blackmont Capital Inc., Canaccord Capital Corporation, Research Capital Corporation, Wellington West Capital Inc., Industrial Alliance Securities Inc., Queensbury Securities Inc, and Sora Group Wealth Advisors Inc. Augen LP2005, similar to Augen LP2004-1 which was rolled into Augen's mutual fund in May 2006, is among the top performing funds in the industry with a Net Asset Value at May 31, 2006 of $136.13 per $100 invested (excluding tax benefits). Tax benefits include up to a 100% investment deduction and a federal tax credit of approximately 12%. The after-tax break even point, after capital gains tax is approximately 60% of the initial investment for an Ontario resident. The Augen LP2006 offering remains open and it is anticipated that a second closing will take place prior to September 30, 2006. "We are delighted to have a strong first close for the Augen LP2006 offering which provides us with access to leading exploration opportunities in the resource sector during the summer months," said Ron Mann, Vice-President, Business Development of Augen.
About Augen Capital
Based in Toronto, Augen is a merchant bank specializing in the financing of primarily early stage resource companies and is an industry leader in tax-advantaged flow-through investments in Canada's resource sector. Our Managed Products division earns fees related to the limited partnerships and mutual funds including setup, due diligence, and annual and performance fees. Our Merchant Banking division provides financing and strategic management support to resource investee companies and strives to maximize net gains realized on its core investment portfolio of emerging resource stocks. Augen has over $30 million in assets under administration, including its merchant banking investment portfolio, resource flow-through limited partnerships, and Augen Resource Strategy Fund.
For more information on Augen Capital, visit our website at www.augencc.com The company's public documents may be accessed at www.sedar.com
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
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