Atlanta Gold Inc. Completes Additional Private Placement to Jipangu Inc.
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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Contact
Atlanta Gold Inc.
Wm. Ernest Simmons, 208-424-3343
President and CEO
Fax: 208-342-1014
esimmons@atlantagold.com
or
Peili Miao, 416-777-0013
Chief Financial Officer
Fax: 416-777-0014
peilimiao@atgoldinc.com
or
Jipangu Inc.
Kenji Sakai, +81-3-5422-6800
Executive Director
k.sakai@jipangu.co.jp