Agreement in principle has been reached between Jascan Resources (TSE) and COATS-listed Atlantic Goldfields to an amalgamation of the two companies. An independent financial adviser will be retained to assist in determining an exchange ratio.
The amalgamation will consolidate the interests of Jascan and Atlantic in certain properties in which each holds an interest. After receipt of the proceeds from the sale by the companies of their interests in the Noxon joint venture in Montana, it is anticipated the amalgamated company will have working capital of about $20 million.
Atlantic currently has a 9.9% interest in Jascan, while the latter has an approximate 1.2% interest in Atlantic.
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