Proceeds used for exploration, development and permitting expenditures
By Devika Patel
Knoxville, Tenn., Oct. 18 - Atlanta Gold Inc. said it plans a C$4 million non-brokered private placement of units.
The company will sell 50 million units of one common share and one half-share warrant at C$0.08 per unit. Insiders may participate.
Each whole warrant is exercisable at C$0.12 for two years. The strike price reflects a 50% premium to C$0.08, the Oct. 17 closing share price.
Insiders, including Sprott Asset Management LP, will participate.
Proceeds will be used for exploration, development and permitting expenditures on the company's Atlanta gold property in Idaho and for working capital purposes.
Toronto-based Atlanta Gold is a gold exploration company.
| Issuer: | Atlanta Gold Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 50 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 18
|
| Stock symbol: | TSX Venture: ATG
|
| Stock price: | C$0.08 at close Oct. 18
|
| Market capitalization: | C$14.61 million
|
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