TORONTO, May 27, 2015 /CNW/ - Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) 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 that 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"), by April 30, 2015 (the "Default Announcement"). The Company made application for, and on May 8, 2015, the Ontario Securities Commission issued a temporary management cease trade order in respect of the Company's Chief Executive Officer and Chief Financial Officer.
On May 20, 2015, the Ontario Securities Commission issued a permanent management cease trade order (the "MCTO"), superseding the temporary management cease trade order. The MCTO 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 Commission of the Required Filings. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
The Company's auditor is presently completing its 2014 audit work and it is currently anticipated that the Company will be able to file the Required Filings by June 1, 2015. It is also anticipated that the requisite filings by the Company in respect of the quarter ended March 31, 2015 will be completed by June 1, 2015.
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 and the Company's news release of May 13, 2015;
- 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.
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 the Company's annual and quarterly financial statements and related documentation. Such are based upon various assumptions and other factors that management believes to be reasonable, including that the audit will be completed 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 a delay by the Company's auditor in completing the audit, which in turn would result in a delay in filing the annual audited financial statements and in turn delay the filing of the financial statements and related materials for the first quarter of 2015. 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 ext.231, Fax: (416) 868-6198, Email: [email protected]