Either the ALS labs are really quick, or based on the initial results, based on what the team sees, ATN has decided to make a few calls. I hope its a positive announcement, but really not sure which way this will go. I've been reading the announcements over and over again, and this is my take on things:
From today's Announcement: "The reason for the trading halt is to allow the Company time to consider and prepare an announcement on the results of drilling currently being undertaken at the Obi Gold Project"
Keep in mind that by December 2011 the 12 month period during which ATN is required to spend US$1 million on exploration is over, and they have to make a decision to continue with the project . If they continue they pay the founder USD$2 million + 30 million shares. Again all this depends on the results
If the results are looking very good, then they will proceed, and have no hesitation in asking for more money from Sophisticated investors
If the results are alright, then they have to weigh pros and cons
My gut feel is that they will continue with the project, but will decide on how to position the project and raise money
Cheers guys - May the dollars be with us!!! Mayo
ATN Price at posting:
3.8¢ Sentiment: LT Buy Disclosure: Held
