The Prospector News

GREAT ATLANTIC ANNOUNCES $2.0 MILLION PRIVATE PLACEMENT BACKED BY MR. ERIC SPROTT

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

GREAT ATLANTIC ANNOUNCES $2.0 MILLION PRIVATE PLACEMENT BACKED BY MR. ERIC SPROTT

 

 

 

 

Great Atlantic Resources Corp. (TSX-V.GR) is pleased to announce a non-brokered private placement offering for aggregate gross proceeds of  approximately $2,060,000, consisting of: (i) $1,360,000 in flow-through units of the Company at a price of $0.68 per FT Unit, and (ii) $700,000 in units of the Company at a price of $0.50 per Unit. Subject to and concurrently with the completion of the Private Placement, Mr. Eric Sprott has agreed to be a back-end purchaser of common shares of the Company issued in connection with the Private Placement through 2176423 Ontario Ltd., a corporation which is beneficially owned by him.

 

 

Each FT Unit shall be comprised of one common share of the Company that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one common share purchase warrant of the Company. Each Unit shall be comprised of one common share of the Company and one Warrant. 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 gross proceeds from the sale of FT Units (other than the minimal amount allocable to the Warrants) will be used for exploration expenses on the Company’s mining projects as permitted under the Income Tax Act (Canada) to qualify as Canadian Exploration Expenses as defined in the Tax Act.

 

 

The FT Common Shares, Common Shares and the Warrant Shares to be issued under the Offering will have a hold period of four months and one day closing of the Private Placement.

 

 

In connection with the Private Placement, the Company may pay a finder’s fee in cash, broker warrants, and/or Units on the same price and terms pursuant to the Private Placement in accordance with the policies of the TSX Venture Exchange.

 

 

The issuance of the FT 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.

 

Posted May 20, 2021

Share this news article

MORE or "UNCATEGORIZED"


Romios Gold Identifies Two New Folded Banded Iron Formations on the Lundmark-Akow Lake Project in NW Ontario

Romios Gold Resources Inc. (TSX-V:  RG) (OTCQB: RMIOF) (FSE: D4... READ MORE

October 18, 2021

Element 29 Drills 383.75 Metres of 0.71% CUEQ at the Elida Copper Project

Element 29 Resources Inc. (TSX-V: ECU) (OTCQB: EMTRF)  is please... READ MORE

October 18, 2021

Consolidated Uranium Announces Proposed Spin-Out of Labrador Uranium Inc., Creating a New Labrador Focused Uranium Explorer and Developer

Exercises Option on the Moran Lake Uranium and Vanadium Project L... READ MORE

October 18, 2021

Radisson reports high grade gold intercepts including 34.71 g/t Au over 3.90 m and 7.55 g/t Au over 10.50 m from resource expansion drilling along trend #1 at the O’Brien project

Radisson Mining Resources Inc. (TSX-V: RDS) (OTC: RMRDF):  is pl... READ MORE

October 18, 2021

Infill Drilling at O3 Mining's Marban Project Intersects 5.7 g/t Gold Over 14.5 Metres

O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) is pleased to provid... READ MORE

October 18, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News