TORONTO, ONTARIO--(Marketwire - Aug. 23, 2012) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") announces that it has negotiated with Delta Uranium Inc. (TSX VENTURE:DUR.H) ("Delta") to purchase furniture, fixtures, electronic, mining exploration and computer equipment from Delta for the aggregate purchase price of $95,500 plus applicable sales taxes. The purchase price will be settled by way of an applicable reduction in the loan amount due and payable by Delta to Augustine pursuant to a secured promissory note and will be included in its interim results for the nine month period ended August 31, 2012. For complete details of the secured promissory note, please refer to the Company's press release of July 3, 3012.
In addition, Augustine announces that it has also finalized its negotiations with Delta to assume full tenancy of the current office space at 56 Temperance Street in Toronto, which Augustine has occupied since November 2010. Pursuant to the arrangement, which is effective August 1 2012, Augustine would be solely responsible for and would assume all of Delta's costs and obligations pursuant to Delta's lease.
As Delta is a related party to Augustine by virtue of a common director, officers and its shareholdings in Augustine, the above transaction would be regarded as related party transaction. The transactions are exempted from the valuation and disinterested shareholder approval requirements pursuant to the applicable exemptions contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. Over 95 percent of the Property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The Property has a known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the Property.
Augustine has recently acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.