BURNABY, BC, April 23, 2018 /CNW/ - Beedie Investments Ltd. ("Beedie Investments") announces that it has converted its Secured Convertible Debenture (the "Debenture") of Atlantic Gold Corporation (the "Company") into Common Shares of the Company ("Common Shares" and such conversion, the "Conversion").
In accordance with the terms of the Debenture, the $8,000,000 principal amount outstanding under the Debenture was converted into Common Shares at a conversion price of $0.60 per Common Shares, for a total of 13,333,333 Common Shares. In addition, all accrued and unpaid interest on such principal amount was automatically converted into Common Shares at a conversion price equal to $1.87, the closing price of the Common Shares on the TSX Venture Exchange on April 20, 2018, the last trading day immediately prior to the date of conversion, for an additional 158,405 Common Shares.
Following the completion of the Conversion, Beedie Investments and its principal, Ryan Beedie, will hold (i) 61,644,776 Common Shares, (ii) options to purchase an additional 200,000 Common Shares (the "Options"), and (iii) warrants to purchase an additional 3,000,000 Common Shares having an exercise price of $0.60 per Common Share and an expiration date of August 20, 2018 (the "Warrants"). Accordingly, today's acquisition of Common Shares brings the total number of Common Shares owned or deemed to be owned by Beedie Investments to 64,844,776, representing approximately 30.3% of the current issued and outstanding Common Shares following the Conversion and assuming the exercise in full of the Options and the Warrants.
Beedie Investments is an indirect wholly-owned subsidiary of Ryan Beedie, who is a director of the Company.
Beedie Investments acquired the Common Shares under the Conversion for investment purposes. Beedie Investments reviews its holdings in the Company on a continuing basis and may from time to time and at any time, in its sole discretion, acquire or cause to be acquired additional equity or debt securities or other instruments of the Company, or dispose or cause to be disposed such equity or debt securities or instruments, through open market transactions, private placements by the Company and other privately negotiated transactions, or otherwise, in each case in accordance with applicable securities laws.
Beedie Investments Ltd.
3030 Gilmore Diversion
Burnaby, BC V5G 3B4
Neither 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 news release.
SOURCE Beedie Investments Ltd.
For further information: A copy of the early warning report relating to Beedie Investment's acquisition of Common Shares pursuant to the Private Purchase will be available under the Company's profile on SEDAR, and may also be obtained by contacting Beedie Investments at (604) 435-3321.