The Toronto-based metal explorers, which sold their interest in the huge Noxon silver-copper deposit in Montana last September for $20 million cash plus royalties, recently began a control battle for each other.
About two weeks ago, Jascan attempted to raise its stake in Atlantic to 46.1% from 5.9% by offering to acquire 4.7 million Atlantic shares at 85 cents each.
Atlantic responded by allowing its biggest shareholder, Kash Investments, to increase its interest in Atlantic through a private placement to 41.7% from 19.7%. Atlantic has also upped its position in Jascan to 39.6% by acquiring three million Jascan common shares.
The TSE filing committee hasn’t said whether it will accept the Jascan offer for Atlantic.
According to Jascan, certain proposals have been tabled for discussion by Jascan and Atlantic regarding possible transactions involving the two companies.
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