Aegean Completes Initial Public Offering
VANCOUVER, BRITISH COLUMBIA, Nov 14, 2012 (Menafn - MARKETWIRE via COMTEX) --Aegean Metals Group Inc. ("Aegean" or the "Company") is pleased to announce that it has successfully completed itsinitial public offering (the "Offering") of 10,000,000 units (the"Units") at a price of 0.15 per Unit for gross proceeds of1,500,000.
Each Unit consists of one common share of the Company and one commonshare purchase warrant entitling the holder thereof to purchase anadditional common share of the Company at a price of 0.25 untilNovember 14, 2014.
Haywood Securities Inc. (the "Agent") acted as agent for theOffering. In connection with the Offering, the Agent received: 1) acommission equal to 7% of the gross proceeds of the Offering, ofwhich 105,000 was paid in cash; and 2) 700,000 agent's options, eachagent's option entitling the Agent to acquire one agent's unit at aprice of 0.15 until November 14, 2014. Each agent's unit consists ofone common share of the Company and one common share purchase warrantentitling the Agent to acquire one common share of the Company at aprice of 0.25 until November 14, 2014. The Agent also received acorporate finance fee of 25,000 and reimbursement for its expenses.
The common shares of the Company have been approved for listing onthe TSX Venture Exchange and will commence trading on or aboutNovember 16, 2012, under the symbol AGN.
The funds raised from the Offering will be used by the Company tofund the Ergama Project and for administrative expenses andunallocated working capital.
About Aegean Metals Group Inc.
The Company is a junior mineral exploration company based in Canadaand its principal business activity is the acquisition, explorationand development of gold and copper properties. The Company hasfocused its efforts on pursuing mineral exploration properties inTurkey. Presently, the Company's primary focus is on the ErgamaProject located at the edge of the Kazdag mountain range, BalikesirProvince in Western Turkey.
This news release includes certain "forward-looking statements"within the meaning of that phrase under Canadian securities laws.Forward Looking Information includes, but is not limited to,statements relating to the amount of financings; expected use ofproceeds; business objectives; the acquisition of interests inmineral properties; the timing and costs of future explorationactivities on the Company's properties; success of explorationactivities; permitting time lines and requirements for additionalcapital. The material assumptions upon which such forward-lookingstatements are based include, but are not limited to the assumptionthat any additional financing needed will be available on reasonableterms. Forward-looking statements reflect management's current viewswith respect to possible future events and conditions and, by theirnature, are based on management's beliefs and assumptions and subjectto known and unknown risks and uncertainties, both general andspecific to the Company. Although the Company believes theexpectations expressed in such forward-looking statements arereasonable, such statements are not guarantees of future performanceand actual results or developments may differ materially from thosein the Company's forward-looking statements. The following areimportant factors that could cause the Company's actual results todiffer materially from those expressed or implied by such forwardlooking statements: risks related to the completion of financings andthe use of proceeds; operations and contractual obligations; changesin exploration programs based upon results of exploration; futureprices of metals; availability of third party contractors;availability of equipment; failure of equipment to operate asanticipated; accidents, effects of weather and other naturalphenomena and other risks of the mineral exploration industry;environmental risks; community relations; and delays in obtaininggovernmental approvals or financing. Additional information regardingthe material factors and assumptions that were applied in makingthese forward looking statements as well as the various risks anduncertainties the Company faces are described in greater detail inthe "Risk Factors" section of the Company's amended and restatedprospectus dated September 28, 2012, and other continuous disclosuredocuments and financial statements filed with the Canadian securitiesregulatory authorities which are available at www.sedar.com. TheCompany undertakes no obligation to update this forward-lookinginformation except as required by applicable law. The Company relieson litigation protection for forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Aegean Metals Group Inc.
Chief Financial Officer
SOURCE: Aegean Metals Group Inc.
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