Consequently, the slate of directors nominated by Atlanta Gold and elected at the annual general meeting in June will stand. The new board indicates that it does not believe that U.S. Gold has any further recourse in the matter and plans to meet in the near future to review the activities of that board.
In news released prior to the appeal decision, Atlanta Gold borrowed $50,000(US) from each of Tamarack Mining and U.S. Gold in order to fund ongoing commitments.
The loans are due on demand and carry an interest rate of prime plus 2%. Subject to regulatory approval, the loans are convertible into common shares of Atlanta Gold at $1.07 per share until expiry on Nov 30, 1992.
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