Midwest Vanadium Restructuring Discussions Terminated

- February 12th, 2015

Atlantic Ltd. (ASX:ATI) announced that discussions between its wholly owned subsidiary, Midwest Vanadium Pty Ltd., and Atlantic’s largest shareholder, Droxford International Ltd., regarding a restructure of MVPL have been terminated.

Atlantic Ltd. (ASX:ATI) announced that discussions between its wholly owned subsidiary, Midwest Vanadium Pty Ltd., and Atlantic’s largest shareholder, Droxford International Ltd., regarding a restructure of MVPL have been terminated.

As quoted in the press release:

MVPL owns 100% of the Windimurra vanadium and iron ore project, located approximately 600 kilometres north of Perth in Western Australia. Discussions between the Notes [a group of the holders of senior secured notes] and Droxford regarding the additional funding required to implement MVPL’s business plan as well as an appropriate longer term capital structure for the business have been ongoing for some time. Atlantic understands that the parties have not been able to reach a mutually acceptable agreement and as a result have terminated the discussions.

Click here to read the full Atlantic Ltd. (ASX:ATI) press release.

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