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ATW Gold (ATW.v) up to tricks again

What are these crooks at ATW Gold (ATW.v) up to now? Here's the latest, a "debt for shares proposed swap.

BULLETIN TYPE: Shares for Debt
BULLETIN DATE: May 28, 2010
TSX Venture Tier 1 Company

TSX Venture Exchange has accepted for filing the Company's proposal to
issue 2,000,000 shares at a deemed price of AUD$0.25 (or CAD$0.22065) to
settle outstanding debt for AUD$500,000 (CAD$441,271.41).

Number of Creditors: 1 Creditor

The Company shall issue a news release when the shares are issued and the
debt extinguished.

However it's planned to work, you can bet it will have ulterior motives at work and you can also bet it won't be for the benefit of bagholders already ripped nine ways by these frontrunning scamsters.