As per the agreed terms, Rosemoor Development will secure 74,000,000 fully paid ordinary shares at 3.5 cents per share totaling a 9.8% stake in the company.
Proceeds from the placement will be employed to fund ongoing development of Atlantic Gold’s core projects – the Touquoy and Cochrane Hill Projects along with its other gold exploration programs, located in Nova Scotia, Canada.
"The placement and the payment of the application moneys are to be concluded by 7 March 2013," stated the company.
The company’s projects – Touquoy and Cochrane Hill projects represent a planned 10 year gold mining operation of 900,00 ounces in total recovered gold.
