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Share Name | Share Symbol | Market | Type |
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TSXV:AIA | TSX Venture | Common Stock |
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NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") is pleased to announce that it has closed the first tranche its private placement (the "Offering"), which was previously announced on February 14, 2012 and amended on March 15, 2012. The Company issued 5,217,985 "flow-through" units at $0.345 per "flow-through" unit (the "Flow-Through Units") for aggregate gross proceeds to the Company of $1,800,204.83 and 975,000 units at $0.30 per unit (the "Units") for aggregate gross proceeds to the Company of $292,500. Each Flow-Through Unit consists of one "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada), and one-half of one common share purchase warrant (each whole warrant, a "Flow-Through Warrant"). Each Flow-Through Warrant issued in connection with the Offerings shall entitle the holder thereof to acquire one common share of the Company (on a non-flow-through basis) at a price of $0.45 until March 23, 2014. Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share of the Company (on a non-flow-through basis) at a price of $0.40 until March 23, 2014. Industrial Alliance Securities Inc. and Secutor Capital Management Corporation (collectively, the "Agents"), acted as agents for and on behalf of Auriga Gold in connection with a brokered private portion of the Offering, pursuant to which they received a cash commission equal to $110,977.88. The remaining Offering was completed on a non-brokered basis, pursuant to which the Company paid a finder's fee equal to $42,210 and issued 131,250 finders' warrants each of which is exercisable to acquire one common share at a price of $0.35 until March 23, 2013. The securities issued are subject to a hold period expiring July 24, 2012 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws. The gross proceeds from the sale of the Flow-Through Units will be used for exploration of the Company's Manitoba property and the net proceeds from the sale of the Units will be used for general working capital purposes. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company expects that the second tranche of its private placement will close on or prior to April 5, 2012. About Auriga Gold Auriga Gold Corp. is a Canadian mine development and exploration company focused on developing the Puffy Lake Mine and expanding gold resources on its Puffy Lake and Nokomis deposits (the "Maverick Gold Project"). The Company plans to work towards upgrading and expanding the resources at the Maverick Gold Project, initiate test mining, complete feasibility studies of mineral reserves, and bring the Puffy Lake Mine back into production. The Puffy Lake Mine includes a 1,000 tpd flotation mill, a developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba. This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the closing of the second tranche of the private placement financing, use of proceeds, the future develop the Maverick Gold property and move towards targeted open pit test mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the Company's Management's Discussion and Analysis for the Three and Six Months ended September 30, 2011, available on www.sedar.com. Although Auriga Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Auriga Gold does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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