Ron,
I missed two resolutions on the backside of the proxy. So in addition to these:
1) to increase the authorized capital of the company from 50 million to 100 million shares
2) to change the name to Twin Gold
3) to approve the business combination of AAG&VSY in which Atlanta will issue 1.5 sharess of Atlanta to members of Voisey Bay in exchange for each issued and outstanding share of Voisey Bay which will become a wholly owned subsidiary of Atlanta.
I will add these:
4) to increase # of shares subject to option from 1,773,167 to 5,000,000
5) to transact further business as may come before the meeting
N.B. these resolutions have been paraphrased and are not verbatim
I also noticed that the values of mineral properties for Atlanta was $13,241,307 and for Voisey $3,074,596.
Voisey is letting some of their Voisey Bay, Labrador properties lapse but are holding on to their Franelle Quebec property.
It appears to me that Voisey has very little to offer other than their market cap and 1.5 mil in cash. Since VSY shareholders will get 1.5 shares for ever one they now hold I think they are making out OK.
This brings up one question in my mind: if VSY has relatively little to offer as I mentioined above the main virtue of the merger must be heavily weighted on the Indonesian properties. Maybe they HAVE got something really exciting there!
Dan
p.s. I have got a really nice 28 page report on the Idaho property. It details a feasibility study completed in 1989 which states that based on startup in 2000 the project has a value of just slightly under 12 million dollars (AAG share $7,823,000)
It goes on to mention that the mine is economically feasible at a gold price of $400.00
Since that time with the improvement of technology and the success of other companies using bio-leaching that figure has been reduced to $375.00
here is the CONCLUSION:
"The Atlanta gold propery is a definite asset and the value of Atlantas"s 495 interest has been set at Cdn $7,82300.Since only half the resource is recovered the cost of the inplace resource is US $8.80 /oz. The value of the property is 605 of Atlanta's historical expenditures on the property.
It is clear that property development has stalled out over the last couple of years. It is recommended that Atlanta to become more active in the property development."
Dan |
