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Atlanta Gold denied extension for environmental fine, seeks funding options

Atlanta Gold Inc. was unable to secure an extension for the payment of a US$251,000 fine in connection with environmental violations. The payment was due Sept. 14.

The company was fined by a federal court for allowing arsenic and iron from its Atlanta gold project in Idaho to enter a tributary of the Middle Fork of the Boise River.

Atlanta Gold said Sept. 10 that it does not currently have the funds to pay the penalty, but it is reviewing several financing alternatives with its lenders and other parties. It also in talks with its largest shareholder, Jipangu Inc., covering further investment.

According to the statement, failure to settle the fine by the deadline could result in the court imposing additional penalties and sanctions, which could affect the company's finances and operations.

Atlanta Gold, meanwhile, refuted a recent media report saying it does not plan to conduct a cryptocurrency offering.

The principal of the company's outstanding debentures stands at US$2.1 million, and interest payments of US$492,000 were due April 1 and remain unpaid. It has also yet to settle US$2.1 million in outstanding notes due Aug. 31, 2017.