Proceeds used for exploration, development and permitting expenditures
By Devika Patel
Knoxville, Tenn., Dec. 9 - Atlanta Gold Inc. said it completed the initial C$900,000 tranche of a C$4 million non-brokered private placement of units. The deal priced on Oct. 18.
The company is selling 50 million units at C$0.08 apiece. In the first tranche, Atlanta Gold sold 11.25 million units, of which 6.25 million units were purchased by insiders of the company. An additional tranche is expected to close within 30 days.
Each unit consists of one common share and one half-share warrant. 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.
Proceeds will be used for exploration, development and permitting expenditures on the company's Atlanta gold property in Idaho and for working capital.
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 (11.25 million in first tranche)
|
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
|
Settlement date: | Dec. 9 (for C$900,000)
|
Stock symbol: | TSX Venture: ATG
|
Stock price: | C$0.08 at close Oct. 18
|
Market capitalization: | C$11.87 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.