With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
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Augen Capital and Donald Decker increase holdings in Staccato Gold Resources
Feb 08, 10 04:59PM
Augen Capital Corp. and Donald Decker Increase Holdings in Staccato Gold Resources
TORONTO, Feb. 8 /CNW/ - Further to the previously issued news release on
February 1, 2010, Augen Capital Corp. (TSXV: AUG), and its wholly owned
subsidiary Aumerco Ltd., (collectively "Augen" or the "Concerned Shareholder")
announce that they have increased their holdings in Staccato Gold Resources
Ltd. ("Staccato" or the "Company") (TSXV: CAT) by 979,500 common shares
through the facilities of the Toronto Venture Exchange ("TSXV") for investment
purposes at an average price, including commission, of $0.0957 per share. As a
result, Augen's total common share holdings in Staccato amount to 7,358,000 or
approximately 7.4 percent of the total shares issued and outstanding.
As disclosed in Augen's January 22, 2010 news release, Donald Decker, a
professional geologist and a former member of the board of directors of
Staccato, and Century Gold LLC, a holding company controlled by Donald Decker,
(collectively the "Decker Group") entered into an agreement with the Concerned
Shareholder to vote the Decker Group's shares in support of removing and
replacing the current board of directors of Staccato with those nominees to be
proposed by the Concerned Shareholder in connection with a meeting of Staccato
shareholders requisitioned by the Concerned Shareholder. The Decker Group
acquired an additional 500,000 common shares of Staccato through the
facilities of the TSXV at an average price, including commission, of
USD$0.1104 per share.
The Concerned Shareholder and the Decker Group in aggregate now own
13,817,334 common shares or approximately 13.8 percent of the total issued and
outstanding shares of Staccato.
The Concerned Shareholder and the Decker Group believe the common shares
of Staccato are undervalued. The Concerned Shareholder and/or the Decker Group
may acquire ownership or control over additional Staccato shares depending on
market conditions and other strategic considerations.
This press release is not, and is not to be construed to be, a
solicitation of proxies. Prior to and in connection with the Meeting, Augen
intends to file and distribute to all Staccato shareholders (as well as to the
Company, its directors and its auditors) an information circular that contains
detailed information relating to the Concerned Shareholder's nominees, the
solicitation of proxies, the Meeting, and the Concerned Shareholder's plan to
increase shareholder value. All Staccato's shareholders should read the
Concerned Shareholder's information circular before making any voting
Forward Looking Statements
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of Staccato. These statements are based on suppositions and
uncertainties as well as on the best possible evaluation of future events. As
a result, readers are advised that actual results may differ from expected
Augen Capital Corp. is a Toronto-based public merchant bank specializing
in the financing of and investment in emerging resource companies. Augen
manages a merchant banking portfolio of emerging resource stocks.
For more information on Augen, visit our website at www.augencc.com. The
Concerned Shareholder's public documents may be accessed at www.sedar.com
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. The issuance of
this news release is not an admission that an entity named in this news
release owns or controls any described securities or is a joint actor with
another named entity.
This news release contains forward-looking statements. These statements
are based on certain factors and assumptions as set forth in this news release
including expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these factors and
assumptions to be reasonable based on information currently available, they
may prove to be incorrect. A number of factors could cause actual results to
differ materially from those in the forward-looking statements, including, but
not limited to results of exploration, project development, reclamation and
capital costs of the companies in the merchant banking portfolios ("investee
companies"), and the Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for the minerals the investee
companies expect to produce; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments; technological
and operational difficulties encountered in connection with the activities of
the Company and investee companies. Additional risks and uncertainties can be
found in our Management's Discussion and Analysis and in filings with the
Canadian provincial securities commissions. Forward-looking statements are
given only as at the date of this news release and the Company disclaims any
obligation to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.