Toronto, Ontario December 16, 2015 - Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) announces that it has completed an initial private placement of 2,950,000 common shares to Jipangu Inc. for gross proceeds of C$203,550. 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 April 17, 2016.
Jipangu Inc. has also agreed to subscribe for and purchase an additional 1,750,000 common shares of the Company at $0.069 per share, subject to receipt of the approval of the TSX Venture Exchange. Upon completion of the subsequent private placement, Jipangu Inc. will own approximately 15% of the Company's outstanding shares.
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.
For further information contact:
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Atlanta Gold Inc.
Wm. Ernest Simmons
President and CEO
Telephone: (208) 424-3343
Fax: (208) 342-1014
Email: [email protected]
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Atlanta Gold Inc.
Peili Miao
Chief Financial Officer
Telephone: (416) 777-0013
Fax: (416) 777-0014
Email: [email protected]
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Forward-Looking Information
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.