Toronto, Ontario – Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) (the “Company”) announces that, further to its news release dated April 29, 2015, the Ontario Securities Commission has issued a temporary management cease trade order which is in effect until May 22, 2015. This order provides that all trading in and all acquisitions of the securities of the Company, whether direct or indirect, by William Ernest Simmons (CEO) and Peili Miao (CFO) shall cease for a period of 15 days from today's date. This order is a result of the Company’s application for a management cease trade order for the delay in filing 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.
Further to the Corporation's news release dated April 29, 2015, it is expected that the Company will be able to close a financing next week in an amount sufficient for, among other things, its commitment to the Company’s auditors. It is then anticipated that the auditors will be able to complete the audit and the Company will be able to file the Required Filings prior to the end of May.
Other than as disclosed in this press release, there are no material changes to the information contained in the default announcement of April 29, 2015. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in section 4.3 and 4.4 of National Policy 12-203- Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default of the requirement to file the Required Filings.
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.
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 additional financings, the time necessary to complete and the completion of the filing of its annual financial statements and related documentation and the issuance of a management cease trade order beyond May 23, 2015. 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.
For further information contact:
Atlanta Gold Inc.:
Wm. Ernest Simmons
President and CEO
Fax: (208) 338-6513
Atlanta Gold Inc.
Telephone: (416) 777-0013
Fax: (416) 777-0014
CHF Investor Relations
Catherine D. Hume
Chief Executive Officer
Telephone: (416) 868-1079
Fax: (416) 868-6198
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