TORONTO, May 13, 2015 /CNW/ - Atlanta Gold Inc. (TSXV:
ATG; OTC Pink: ATLDF) (the "Company") provides this
bi-weekly update in accordance with National Policy 12-203 -
Cease Trade Orders for Continuous Disclosure Defaults
("NP 12-203").
On April 29, 2015, the Company
announced (the "Default Notice") that, for reasons disclosed
in the Default Announcement, it would be unable to file its 2014
annual audited financial statements, and its related Management's
Discussion and Analysis, and Chief Executive Officer and Chief
Financial Officer certifications (collectively, the "Required
Filings"), which were required to be filed on or before
April 30, 2015.
On May 8, 2015, the Company
announced that the Ontario Securities Commission has issued a
temporary management cease trade order (the "MCTO"), which
restricts all trading in securities of the Company, whether direct
or indirect, by the Company's Chief Executive Officer and Chief
Financial Officer until two full business days following receipt by
the OSC of the Required Filings. This order is a result of the
Company's application for a MCTO for the delay in filing the
Required Filings. The MCTO does not affect the ability of
shareholders who are not insiders of the Company to trade their
securities. However, the applicable Canadian securities regulatory
authorities could determine, in their discretion, that it would be
appropriate to issue a general cease trade order against the
Company affecting all of the securities of the Company.
On May 12, 2015, the Company
announced the closing of a financing of a Senior Secured Note in
the principal amount of US$600,000 to
Concept Capital Management Ltd. The Company used a portion of the
proceeds from the issuance of the Senior Secured Notes to
remunerate its auditors for their services. The auditors have
recommenced the 2014 audit work and it is anticipated that the
audit will be completed and the Company will be able to file the
Required Filings prior to the end of May.
Pursuant to the provisions of the alternative information
guidelines specified in Section 4.4 of NP 12-203, the Company
reports that since the Default Announcement:
- There have been no material changes to the information
contained in the Default Announcement, other than referred to in
this news release;
- There have been no failures by the Company to fulfill its
stated intentions with respect to satisfying the provisions of the
alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any
specified default subsequent to the default which is the subject of
the Default Announcement; and
- There is no other material information respecting the Company's
affairs that has not been generally disclosed.
Until the Required Filings have been filed, the Company intends
to continue to satisfy the provisions of the alternative
information guidelines found in Section 4.3 and 4.4 of NP 12-203 by
issuing bi-weekly default status reports in the form of further
news releases, which will also be filed on SEDAR.
About the Company
Atlanta Gold Inc. holds through its 100% owned
subsidiary, Atlanta Gold Corporation, leases, options or ownership
interests in its Atlanta
properties which comprise approximately 2,159 acres (8.74 square
kilometres) located 90 air kilometers 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 and it provides the Company with all-season access
to further refine the processing equipment and procedures. In
June 2014, Knife River assigned
certain of its rights and obligations under its lease with the
owner of the Neal Property to AGC. AGC staked an additional seven
contiguous claims on public land that was open to mineral
entry.
Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements (collectively "forward-looking
statements") within the meaning of applicable securities laws with
respect to the completion of the filing of its annual financial
statements and related documentation. Such are based upon
various assumptions and other factors that management believes to
be reasonable, including that the Company will reach agreement with
potential investors on a timely basis. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results to differ materially from those
expressed or implied by the forward-looking statements. Risks
and uncertainties that may cause actual results to vary include the
ability to conclude in a timely manner a financing on terms
acceptable to the Company; fluctuations in the gold price and
currency exchange rates; changes in general economic conditions and
in the financial markets; as well as other risks and uncertainties
which are more fully described in the Company's annual and interim
management's discussion and analysis and other filings by the
Company with the securities regulatory authorities, which are
available under the Company's profile at www.sedar.com.
Should one or more risks and uncertainties materialize or should
any assumptions prove incorrect, then actual results could vary
materially from those expressed or implied by the forward-looking
statements and accordingly, readers should not place undue reliance
on the forward-looking statements. Readers are cautioned that
the foregoing lists of risks, uncertainties, assumptions and other
factors are not exhaustive. The forward-looking statements
contained herein are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements contained herein or in any other
documents filed with securities regulatory authorities, whether as
a result of new information, future events or otherwise, except in
accordance with applicable securities laws.
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.:
SOURCE Atlanta Gold Inc.