TORONTO, April 29, 2015 /CNW/ - Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) announced that the filing of its annual financial statements for the year ended December 31, 2014 and the accompanying management's discussion and analysis and related CEO and CFO certifications, will not be completed by the required filing deadline of April 30, 2015. The delay is due to a lack of funds to remunerate the Company's auditor for previous services.
The Company is continuing discussions with certain potential investors regarding financing that when and if completed, will be sufficient for, among other things, the Company to satisfy its commitment to the auditor. The Company anticipates being able to complete its annual filings within 4 to 6 weeks. While the Company expects to complete one or more financing transactions in the near term, there can be no assurance that such transactions will be completed on a timely basis or at all.
The Company has applied to the applicable securities regulatory authorities for the imposition of a management cease trade order to prohibit trading by management of the Company in the securities of the Company for so long as the default continues and the order remains in effect. If such an order is issued by the securities regulatory authorities, it would be in lieu of a general cease trade order. The Company intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 -Cease Trade Orders for Continuous Disclosure Defaults.
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. 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.
For further information: Atlanta Gold Inc.: Wm. Ernest Simmons, President and CEO, Telephone: (208)-424-3343, Fax: (208) 338-6513, Email: [email protected]; Atlanta Gold Inc., Peili Miao, CFO, Telephone: (416) 777-0013, Fax: (416) 777-0014, Email: [email protected]; CHF Investor Relations: Catherine D. Hume, Chief Executive Officer, Telephone: (416) 868-1079, Fax: (416) 868-6198, Email: [email protected]