TORONTO,
Aug. 31, 2012 /CNW/ - Atlanta Gold
Inc. (TSXV: ATG; OTCQX: ATLDF) announces that it has entered
into agreements to satisfy outstanding indebtedness of
approximately $816,720 by the
issuance of 16,335,909 common shares at a deemed price of
$0.05 per share. The indebtedness
consists of trade payables and loans from shareholders and includes
approximately $662,448 owed to three
insiders of the Company in respect of shareholder loans.
The issuance of the shares is subject to the
approval of the TSX Venture Exchange.
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
kilometers) 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.
Forward-Looking Information
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 issuance of the shares. This
statement is based upon the assumption that the Company will
receive TSX Venture Exchange approval for the issuance of the
shares, and is made as of the date hereof. The Company
undertakes no obligation to update publicly or revise any
forward-looking statements contained herein 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.