Atlantic Gold to prepay debentures on May 11; notes are convertible

By Susanna Moon

Chicago, April 11 – Atlantic Gold Corp. said it notified holders that it plans to prepay its secured convertible debentures on May 11.

If holders choose to convert the notes ahead of the prepayment, the company could issue a total of up to 21,666,666 common shares, according to a company announcement.

Under the terms, the notes are convertible at any time into common shares of the company at a conversion price of $0.60 per share.

The company’s stock (Toronto: AGB) closed at C$1.77 on Tuesday.

Holders also will receive accrued interest, in either case.

The company said it issued C$13 million principal amount of the secured convertibles on May 10, 2016 to help fund the initial capital costs for its Moose River Consolidated Mine, which is now in commercial operation.

The gold explorer is based in Vancouver, B.C.

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