GREAT ATLANTIC RESOURCES CORP. (TSX-V:GR) is pleased to announce a non-brokered private placement offering for aggregate gross proceeds of $1,450,000 in units of the Company at a price of $0.50 per Unit. Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, has indicated his intention to subscribe for the entirety of the Private Placement.
Each Unit shall be comprised of one common share of the Company and one common share purchase warrant of the Company. Each Warrant shall entitle the holder thereof to purchase one Common at an exercise price equal to $0.75 at any time up to 36 months from closing of the Private Placement.
The Company intends to use the gross proceeds from the sale of Units for drilling and exploration on the Golden Promise Gold Properties, located in the central Newfoundland gold belt and general working capital.
The Common Shares and the Warrant Shares to be issued under the Offering have a hold period of four months and one day closing of the Offering.
In connection with the Private Placement, the Company will pay a finder’s fee in cash and finder’s warrants in accordance with the policies of the TSX Venture Exchange.
The issuance of the Units and payment of the finder’s fee is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
About Great Atlantic Resources Corp.
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.
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We acknowledge the [financial] support of the Government of Canada.