March 29, 2017 / 2:26 PM / a year ago

BRIEF-Atlanta Gold announces financings with Jipangu Inc

March 29 (Reuters) - Atlanta Gold Inc:

* Has reached agreements to issue a total of 26.4 million common shares for aggregate consideration of C$2.4 million to Jipangu Inc

* In addition, Jipangu has agreed to subscribe for 14.9 million common shares at a price of C$0.09 per share

* Atlanta Gold announces financings with Jipangu

* Jipangu will have right to nominate up to one-half of co’s Board for so long as Jipangu beneficially owns not less than 50% of co’s shares

* Jipangu currently owns 19.5% of co’s outstanding shares & upon completion of transactions, will own 52.2% of the then outstanding shares

* Net proceeds from financing will be used to pay down default interest on company’s senior secured notes and debentures Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below