Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) announces that
it has completed a further private placement of 1,750,000 common shares
to Jipangu Inc for gross proceeds of C$120,750. Proceeds from the
placement will be used for general working capital purposes. The common
shares are subject to a four-month statutory hold period, which will
expire July 8, 2016.
As was announced on December 16, 2015, Jipangu Inc. previously acquired
by private placement 2,950,000 common shares and agreed to purchase a
further 1,750,000 common shares of the Company at a price of C$0.069 per
share, subject to receipt of requisite approvals from the TSX Venture
Exchange. Jipangu Inc. now owns and controls 4,700,000 common shares of
the Company, being 15% of the Company’s outstanding shares on an
undiluted basis. Jipangu Inc. has advised that the shares of the Company
were acquired for investment purposes. Subject to availability and
price, Jipangu Inc. may purchase additional securities of the Company.
About the Company
Atlanta Gold Inc. holds through its 100% owned subsidiary, AGC,
leases, options or ownership interests in its Atlanta properties which
comprise approximately 2,159 acres (8.74 square kilometres) located 90
air kilometres east of Boise, in Elmore County, Idaho. A long history of
mining makes Atlanta very suitable for development of new mining
projects. The Company is focused on advancing its core asset, Atlanta,
towards mine development and production.
The Company is also focused on advancing its exploration and processing
methods on the Neal Property, which is located approximately 15 miles
from Boise, Idaho and comprises approximately 192 acres (0.78 square
kilometres). The Neal Property’s geology is similar to that of the
Atlanta Project; in that, there are northeasterly-trending shear zones
in granodioritic host rocks. The Neal Property provides the Company with
all-season access to further refine the processing equipment and
procedures. AGC holds a five-year lease on the Neal Property and has
staked an additional seven contiguous claims on public land that was
open to mineral entry.
NEITHER THE 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.
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