Shareholder approval has been received for a private placement of shares by Atlas Yellowknife Resources to Channel Resources. Channel will take down 15 million Atlas shares at 15 cents per share and another 10 million shares on a flow- through basis at 24 cents per share. The deal gives Channel control of Atlas.
As a result, three Channel officers will become directors of Atlas. Company shareholders also approved the consolidation of Atlas’ issued shares on a one-for-12-basis and the change of the company’s name to Panatlas Energy. The changes require tse approval.
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