Atlantic Gold Corporation
TSX VENTURE : AGB
ASX : AGB

Atlantic Gold Corporation

November 14, 2014 08:00 ET

Atlantic Gold Reports Results of AGM

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2014) - Atlantic Gold Corporation ("Atlantic" or the "Company") (TSX VENTURE:AGB)(ASX:AGB) today announces the results of voting at its recent Annual General Meeting of

Shareholders ("AGM").

Shareholders voted in favour of all items put forward by the Board of Directors and management. All seven (7) individuals nominated for the board of directors - Steven G. Dean, Robert (Bob) G. Atkinson, W. David Black, Donald Siemens, William (Bill) P. Armstrong, Wally Bucknell and John Morgan - were elected.

Shareholders also voted in favour of:

  • re-appointing PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the ensuing year at a remuneration to be fixed by the directors
  • approving and ratifying a new rolling stock option of the Company, allowing the granting of up to 10% of the Company's issued and outstanding common shares at any time and to approve also the issuance of common shares upon the exercise of stock options issued under that new rolling stock option plan
  • approving the issuance of common shares representing up to 10% of the issued capital of the Company, calculated in accordance with the formula prescribed in the ASX Listing Rules, on the terms and conditions described in the information circular. In summary, this means that the Company will be able to issue common shares representing up to 25% of the issued capital of the Company over the next 12 month period without seeking shareholder approval; and
  • ratifying, in accordance with the ASX Listing Rules, the issue of up to 8,876,542 common shares in connection with the acquisition of all the share capital in Acadian Mining Corporation. This means that these shares will not count towards the 25% issuance cap referred to above.

A total of 48,158,196 common shares and CDI's of the Company were voted, representing approximately 42% of total shares issued and outstanding as at the record date of the AGM.

Steven Dean, the Company's executive chairman and John Morgan, the Company's President, also made a presentation at the meeting. The presentation was a summary of the Company's investor presentation, which is available for review on the Company's website (www.atlanticgoldcorporation.com).

Corporate and Organizational Changes

In the November 3, 2014 Corporate Update, the Company summarized recent corporate and development milestones that have been met as well as highlighted the next steps for development of its Nova Scotia assets. With over $20 million in the treasury, the Company is well positioned to progress these assets through to construction and continues to actively review new potential acquisition and investment opportunities.

However, the Company is mindful of the current challenges facing the industry in general and has already implemented, and will continue to implement, a number of cost savings initiatives, including employment redundancies, to ensure that the Company preserves its cash balance through the current downturn impacting the industry.

In addition, the Board announces the following senior management changes which take effect immediately:

  • As the Company advances in its business strategy and to more appropriately reflect their roles within the Company, the Board announces that Steven Dean, Executive Chairman, will now also take on the role of CEO, while John Morgan will remain President and will take on the new role of COO.
  • Irfan Shariff, the Company's CFO and Corporate Secretary has resigned to take on another role outside the industry. Mr. Shariff will continue to work with the Company for a period of transition, after which he will retain an advisory role with the Company. His replacement as CFO and Corporate Secretary, Chris Batalha, has been with the Company since 2011 and was previously the Company's Corporate Controller.

Steven Dean, Executive Chairman and CEO noted: "We are pleased with the support received from our shareholders through the AGM process. Our primary goal is to deliver value to shareholders and whilst progressing the development of our Nova Scotia assets and seeking new investment and acquisition opportunities, we are mindful of the stresses facing our industry and have taken, and will continue to take, the appropriate steps to conserve cash. I would also like to thank Mr. Shariff for his very significant contribution to the Company over the past 5 years. We wish him well in his future entrepreneurial endeavours."

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.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forwardlooking statements". Forwardlooking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forwardlooking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forwardlooking statements.

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