Augen Capital Corp. Announces Normal Course Issuer Bid.TORONTO--(BUSINESS WIRE)--July 12, 1999-- Augen augen A large mineral grain or grain cluster having the shape of an eye in cross-section and occurring in foliated metamorphic rocks such as schist and gneiss. Capital Corp.(ASE-AUG)(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AUG.) (the "Corporation") announces that it has filed a notice of intent with The Alberta Stock Exchange to make a normal course issuer bid (the "Bid"). The notice provides that, subject to regulatory approval, the Corporation intends to purchase up to 5 percent of the total issued outstanding common shares (920,000 common shares in total) of the Corporation through the facilities of The Alberta Stock Exchange during the 12-month period commencing July July: see month. 29, 1999 and ending July 28, 2000. The Corporation has reserved a total of $300,000 for purchase of common shares under the Bid. The purchase price that the Corporation will pay for common shares under the Bid will be the market price at the time of any such purchases as determined by the Corporation. The Corporation presently has 18,320,022 common shares issued and outstanding. The Corporation intends to raise up to $20 million of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. over the next several years. The Corporation believes that investment interest in merchant banking companies can be moderate until a close following develops and that as a result, the common shares are trading below actual value. The Corporation believes that the purchase of common shares under the Bid will increase the market value of the common shares and control the extent of dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. in the event that the Corporation sells common shares from treasury in the future to raise further capital. AUGEN CAPITAL CORP. is a Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing based merchant banking company whose common shares are traded on The Alberta Stock Exchange. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
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