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BRIEF-Atlanta Gold announces financings with Jipangu Inc
March 29, 2017 / 2:29 PM / 9 months 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:

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