Vancouver, British Columbia, November 16, 2012 - Aegean Metals Group (TSXV:AGN) begins trading on TSX Venture Exchange. Aegean closed its initial public offering of 10 million units at $0.15 per unit, raising gross proceeds of $1,500,000, with Haywood Securities acted as agent for the IPO. Each unit contained one common share and an additional common share warrant, with each warrant exercisable at a price of $0.25 until November 14, 2014.
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Aegean is an exploration company focused on identifying and acquiring mineral properties of merit in Turkey. Turkey is the largest gold producer in Europe, with gold production of approximately 25 million tonnes in 2011, roughly 4 times the production of 2nd place Sweden, which sits at 6.5 million tonnes.
The company currently has three highly prospective gold and copper projects located in areas of excellent infrastructure along the prolific Tethyan porphyry belt from western to northeastern Turkey. Aegean`s Ergama and Kizildam Properties, located at the edge of the Kazdag mountain range, are being advanced through an umbrella agreement with Teck Madencilik. The company`s primary focus is on the Ergama Project.
The Ergame property has had previous surface sampling, mapping and drilling by companies including Newmont, prior to Aegean signing an option agreement with Teck in 2011. Rock sampling, one of which returned 16.5 grams per tonne gold, supports the possibility of higher grade gold mineralization along structures.
For more information on this property, you can refer to the NI 43-101Technical Report which is available on www.sedar.com.
The company`s Hot Property, located in the Artvin province, has a history going back to the 19th century, when the historical mine was operated by the Russians. The property indicates signs of hosting VMS gold-copper deposits with stringer zones, where over 7 kilometres strike length of outstanding gold and copper values have been found at surface.
The shares have not yet traded, but are showing a bid of $0.15, the price of the IPO, and with approximately 29.8 million shares outstanding, the company has an initial capitalization of $4.5 million. The company has approximately $1.8 million in its treasury.
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Barry Morgan, CFO