Transatlantic MiningCorp. said April 6 that it has failed to receive a refund of C$1 millionfrom Tassiga Ltd. followingthe termination of itsoption in the Ansongo manganese project in Mali in December 2014.
Tassiga had agreed to repay the C$1 million plus interest inshares of Tassiga subsidiary SaharaManganese Ltd., which holds the Mali property.
Members of Transatlantic's board have attended several meetingswith Tassiga principals to negotiate a suitable repayment structure. Though severalproposals have been discussed, the company does not consider these to be suitable.
Transatlantic has consulted with legal advisers to enforce itsright to repayment, and is also considering brokering a deal between Tassiga andseveral parties interested in Ansongo to recover the C$1 million from the proceedsof any purchase or sale of the property.
Transatlantic also said it has completed a private placementfirst announced July 21, 2015, and has issued 20 million units for 10 cents perunit. Company insiders will subscribe for 12,183,420 units. Each unit consists of1 common share and 1 common share purchase warrant. Each warrant will be exercisableat 12.5 cents within a three-year period.