Atlantic Coal plc. has terminated talks with Maple Carpenter Creek, LLC about a merger of the two companies.
Atlantic announced in December that it had entered into an agreement to acquire the entire issued share capital of MCC and that it had agreed to make a working capital loan facility available to MCC of up to US$400,000. Talks took place regarding a revision of the terms of the agreement but the two parties have been unable to agree to revised terms.
To date Atlantic has advanced $300,000 to MCC in accordance with the loan facility.
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