|By Marketwired .||
|April 10, 2014 02:43 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 04/10/14 -- Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva" or the "Company") is pleased to announce that it has closed the second tranche (the "Second Tranche") of its previously announced private placement (the "Offering"), issuing 10,671,743 units of the Company (each a "Unit") at a price of $0.115 per Unit for aggregate gross proceeds of $1,227,250.57. 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 8, 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 9, 2014.
A total of 94,590,569 common shares of the Company are outstanding following the closing of the Second Tranche, inclusive of 28,456,630 common shares of the Company issued in the first tranche of the Offering on April 7, 2014.
2,608,696 Units sold in the Second Tranche were subscribed to by an insider of the Company (the "Insider's Participation"). The Insider's Participation is exempt from the formal valuation and shareholder approval requirements provided under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The exemption is based on the fact that the market value of the Insider's Participation or the consideration paid by such insider does not exceed 25% of the market value of the Company. The Company did not file a material change report at least 21 days prior to the completion of the Second Tranche since the Insider's Participation had not been established at that time.
The Offering is subject to receipt of requisite approvals, including the final approval of the TSX Venture Exchange.
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 closing 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, 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. Jones
Chairman and Interim CEO
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